Only 58% of Banks Have a Mobile Payments Strategy in Place

July 18, 2011

A new report examining how banks can leverage their competitive advantages in the mobile payments space said 84 percent of banking and financial services executives felt mobile payments will have significant importance to their business within the next one to four years, but only 58 percent said they have a mobile payments strategy in place. Monetizing Mobile: How Banks Are Preserving Their Place in the Payment Value Chain also found that 73 percent suggested it could take four years before mobile payments become mainstream. However, KPMG, the global management consultancy that authored the report, feels that mobile money transactions will grow at a faster pace than the respondents anticipate. “Leading banks are working feverishly to stay ahead of their peers and the new players in this space by developing mobile payments solutions, getting actively involved with standards setting, and partnering with other players in the mobile payments value chain such as merchants and mobile network operators,” said Carl Carande, national account leader of KPMG LLP’s Banking and Finance practice. “It remains to be seen whether the banking industry establishes enough of a foothold in the mobile payments space and maintains its share of payments revenue.”