Nine million U.S. mobile-phone subscribers say they used their mobile devices to pay for goods or services in the first quarter ended March 31, according to a report by the Nielsen Co. Nielsen surveys 30,000 wireless subscribers monthly. Some 6.5 million consumers used text messaging to make purchases as of the end of April, according to the report. About 5 million used mobile shopping and auction sites in April, up 72.4% from 2.9 million in April 2007, the report says. "As more mobile-commerce services become available and consumers develop a greater trust for phone-based transactions, we expect commerce to be an increasingly important part of the mobile experience next year and beyond," Nic Covey, director of insights at Nielsen Mobile, told attendees Thursday at the Internet Retailer Conference and Exhibition in Chicago. Security remains the primary concern among mobile-phone users who do not participate in mobile commerce, the study says. "U.S. consumers need proof that mobile transactions will be a safe, affordable and efficient complement to other modes of shopping," Covey says.
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A bipartisan amendment from Sens. Bill Hagerty, R-Tenn., and Angela Alsobrooks, D-Md., would expand deposit insurance for business accounts, but the industry is split on who should bear higher FDIC premium costs.
14m ago -
A recent bargaining session was interrupted when union representatives learned that a Wells executive who wasn't in the room could hear what was being said. The bank maintains that it was a simple mistake involving a Microsoft Team meeting that should have been disconnected, but union officials aren't buying that story.
2h ago -
Scattered Spider, a cybercrime gang whose targets include banks, has seen five of its members arrested for SIM-swapping and phishing schemes that stole millions.
August 22 -
The Consumer Financial Protection Bureau has fined Synapse $1 for its role in a $60 million to $90 million shortfall in fintech users' accounts.
August 22 -
A federal appeals court granted the government's request to pause a ruling that briefly restored Democratic National Credit Union Administration board members Todd Harper and Tanya Otsuka, leaving the regulator with a single board member pending appeal.
August 22 -
Erik Porter will succeed Lisa Oliver as president and CEO of the Cooperative Bank of Cape Cod; Gary Hall and Sobani Warner are named co-presidents of Siebert Williams Shank; Faiz Ahmad and Mike Joo will lead Bank of America's global investment banking unit; and more in this week's banking news roundup.
August 22