A recent survey found that nearly two-thirds of Americans have never used their mobile money.
But, according to a recent report from the Federal Reserve, many Americans still think they can easily spend their mobile credit card at a mobile app or on an online shopping site.
Read moreThe Federal Reserve’s survey found Americans use mobile devices to make purchases, save money, and pay bills and fees.
However, nearly half of respondents said they were still unsure about how to use their mobile payments, and more than a third said they did not know how to make a transfer of their mobile funds.
“Mobile payments are now widespread across a large segment of the U.S. population,” the Federal Service of Banks survey said.
“However, many respondents still believe that they can access mobile payment services by simply checking their account balance, using a mobile device, or using their credit card to pay.”
The survey also found that some respondents are still unsure whether they can transfer money to another person or another bank account without a mobile payment account.
The survey showed that Americans spend $3.5 trillion a year on their mobile phones.
More than $3 trillion is spent on phone bills, according a report by financial analytics firm iSuppli.
The majority of those spent is on mobile phones, with about one-third of mobile phone users using mobile payment apps, according the report.
The Federal Service said that while it has been working with the Federal Communications Commission and the National Telecommunications and Information Administration (NTIA) to help improve the mobile payment process, it also expects that consumers will continue to use mobile payment options.
“As we continue to explore how to improve the consumer experience with mobile payment, we are also looking at how to expand our capabilities to make mobile payment easier for customers,” the report said.