Mobile Payments 'Mainstream for Consumers' Within Four Years

The 2011 KPMG mobile payments outlook survey, which canvassed 1,000 executives in primarily the financial services, technology, telecommunications, and retail industries globally, has found that 83% of respondents believe that mobile payments will be mainstream within four years, compared to only 9% who see them as mainstream today. In fact, 46% believe mobile payments will be mainstream within two years.

Of the survey respondents, 72% said that mobile payments are now or will be reasonably important in the future, with specialist online systems building on its leading position as a payment method, and m-banking and near field communication (NFC) gaining significantly greater traction than today. 58% said they have a mobile payments strategy in place.

While the majority of the business leaders surveyed believe consumers are currently concerned about security and privacy when using mobile devices, they believe other factors are more compelling attributes of a successful mobile payment strategy. Specifically, 81% believe convenience/accessibility is the highest attribute, followed by simplicity/ease of use, at 73%, security, at 57%, and low cost, at 43%.

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