Increased demand for mobile payment solutions will propel the industry’s value to almost $1 trillion within in the next three years, according to a report by Telecoms.
A recent report by KPMG estimates that NFC solutions alone will grow by 97 percent per year for the next three years.
“Growth in the m-payments marketplace will be driven by customers’ increasing need for convenience and the development of a raft of new applications enabling commerce in the palm of our hands,” said David Hodgkinson, senior manager at KPMG. “Today premium SMS dominates mobile payments, but by tomorrow, contactless and cloud-based services will dominate.”
Data from the report tells that 21 percent of retailers currently view mobile payments not only as a valuable commodity, but as its main focus.
And the competition in the m-payment space will continue to be ratcheted up, according to KPMG partner Gerry Penfold.
“Battle lines will be drawn around issues such as security, infrastructure and interoperability of devices. Clearly, the winners will be the companies that can provide the richest consumer experience with the greatest convenience.”
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