Mobile payments to achieve mainstream status soon

More than 80% of the 150 major banks and corporate companies are studying how to harness m-payments.

More major banks and large corporates are investigating how they can use mobile payments as part of their main business strategy, a new report from KPMG has revealed, with many believing that the technology could become mainstream in the next few years.

The report comes as the Commonwealth Bank announced updates to its banking app suite and hinted at a rollout of near field communication technology soon.

“You can expect to hear more from us about NFC very soon,” says Commonwealth bank general manager of channel marketing Andrew Murrell.

Those comments come days after ANZ said it would be taking a wait and see approach to rolling out NFC after it concluded a trial using iPhones to make payments.

The KPMG Monetising Mobile survey shows that more than 80% of the 150 major banks and corporate companies questioned are examining how they can introduce mobile payments, which includes the use of NFC.

“It seems clear from our research and our firm’s extensive experience that mobile payments are set to transform the banking industry,” KPMG said.

View the full story in Smart Company.