39% Of Adults With Phones Use Them For Mobile Banking, Fed Survey Finds

The use of mobile phones to access bank accounts, credit cards or other financial accounts continued to increase in 2014, according to an annual Federal Reserve survey released Thursday. At the end of the year, 39% of adults with mobile phones reported using mobile banking, an increase from 33% in 2013. At the same time 22% of all mobile phone owners reported having made a mobile payment in the year, up from 17% in 2013. The survey found that 33% of consumers had scanned a barcode to find the best price and 39% use their phones to track purchases and expenses. Concern about security was a common reason given for not using mobile banking or mobile payments.