The Boom of Mobile Payments

More than three quarters of executives across the financial services, technology, telecommunications and retail industries believe mobile payments and banking transactions will achieve widespread mainstream consumer adoption within four years, according to a new global survey conducted by advisory services firm KPMG International.

Eighty-three percent of the 1,000 execs surveyed by KPMG anticipate mobile payments will go mainstream by 2015, compared to 9 percent of respondents who feel m-payments are mainstream today. Moreover, 46 percent of execs believe mobile payments will be mainstream within two years.

Seventy-two percent of respondents believe mobile payments are now or will be reasonably important in the future, citing specialist online systems (e.g., PayPal and Google Checkout) as the leading payment method and m-banking and Near Field Communications-based contactless transactions also significantly gaining traction. Fifty-eight percent told KPMG they already have a mobile payments strategy in place.
KPMG notes that executives in the U.S. and abroad view security as the biggest challenge to developing mobile payments strategies. Technology and consumer adoption follow at a distant second, trailed by privacy.

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