Mobile Payments Still Four Years Away
Although tech industry experts have been anticipating a time where people can swipe their phone at checkout to make a purchase, industry experts believe that mobile payments will require four more years to become widely accepted by consumers, according to a new study from KPMG International.
The survey found that 83 percent of the respondents – which comprised of 1,000 executives in various fields, from tech to retail – believe mobile payments will become mainstream within four years, while only 46 percent believe paying by phone will become common within two years.
However, KPMG believes that mobile payments will take off sooner than the study's respondents think it will.
"We believe that exploding smartphone growth and myriad opportunities will grow mobile payments at a much faster rate than our respondents anticipate," said Gary Matuszak, KPMG Global Chair of the Technology, Communication and Entertainment practice.
"A wide variety of payments is 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.”
The news comes on the heels of PayPal's new feature that allows phone-to-phone money transfers using near field communications technology for Android devices.