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Federal Reserve report on mobile banking

According to the Federal Reserve report on mobile banking, mobile devices are becoming primary tools consumers use for banking, payments, budgeting, and shopping. Also, mobile phones and mobile Internet access are in widespread use, and the convenience of mobile phones is changing the way consumers access financial services and make payments.

However, perceptions of limited usefulness and concerns about overall security of information are holding back the adoption of mobile financial services. The concerns about security effects consumers decisions on whether or not online payments and online banking is right for them.

For more information about the Federal Reserve report on mobile banking, click here.

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