Few doubt that mobile payments are about to change the way consumers and businesses operate. In fact, almost 85 percent of respondents to KPMG International’s survey of nearly 1,000 executives say that mobile payments will become mainstream in the next two to four years, and almost three quarters admit it will be an important change for their company.
But with a range of technologies vying for supremacy, and – as yet – no clear market leaders, the field is wide open for almost any company (or possibly a group of companies) to redefine the payment process. Already cross-industry partnerships and alliances are being formed, pilots are being launched and standards are being set. So who will dominate in the race for mobile payments?
KPMG International surveyed nearly 1,000 executives in the financial services, technology, telecommunications and retail industries to find out what they saw as opportunities and barriers to the adoption of mobile payments. What we found was a surprising landscape of forces shaping the mobile payments market – both today and in the future.