A survey entitled “2011 KPMG Mobile Payments Outlook” has suggested that by the year 2015, using mobile payments by way of smartphones enabled with a near field communications (NFC) chip will become a mainstream form of transaction.
This conclusion was made after 83 percent of the survey’s participants, which were comprised of 1,000 business executives around the world, stated that they felt that mobile wallets used via NFC-powered smartphones would become mainstream within that time. Currently, only 9 percent view mobile transactions as mainstream.
That said, 46 percent of the respondents reported that they believed that the technology and use would become mainstream in a much shorter period of time – by the end of 2013.
According to Eamonn Russell, KPMG spokesperson in Dublin, that massive finance company predicts that the skyrocketing growth of the use of smartphones, and the broad range of different “opportunities will grow mobile payments at a much faster rate than our respondents anticipate.”
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He added that the anticipated increase in the adoption of mobile payments by consumers around the world provides businesses with a tremendous chance to widen their offerings so that they will be able to take part in this significant addition to the payments marketplace.
Additionally, the study found that:
• 72 percent of the participants felt that mobile payments are currently or will soon be reasonably important, as the various technologies for payments, m-banking, and NFC continue to expand.
• 58 percent have claimed to have a strategy for mobile payments already in place.