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“We believe that exploding smartphone growth, new applications, and economic opportunities will drive the adoption of mobile payments at a much faster rate than our respondents anticipate.”
- Gary Matuszak, KPMG Global Chair of the Technology, Communication and Entertainment practice
While less than 10 percent of respondents say that mobile payments are mainstream today, nearly three-quarters of companies expect solutions to move into the mainstream within two to four years, with respondents evenly divided between those expecting adoption to happen in the first half of that time window and those seeing a longer delay. Somewhat surprisingly, financial services firms are more conservative in their estimates than are those in telecom, retail, and technology.
“A wide variety of payments are ready for adoption, as several key players already provide or are rolling out mobile payments, and interest among consumers in utilizing mobile payments is growing, in line with the industry’s readiness to deploy them, ” added Gary Matuszak. “As the pace of change quickens, we see mobile payments coming to many markets much sooner than anticipated.”
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