June 11, 2014
Over at The Hill, Tim Devaney highlights an interesting report from the Consumer Financial Protection Bureau that shows how mobile banking can be beneficial to low-income people:
The bureau said 74,000 people each day signed up for mobile banking services last year, many of whom are low-income individuals whose only access to the Internet is through their phone, the agency said.
According to a Federal Reserve study, 39 percent of underbanked people use mobile banking applications.