Global Survey Assesses Mobile Payments Adoption Curve

"Our study reveals a collective vision on how and when mobile payments will achieve critical mass, with data illuminating the key market challenges and opportunities," said Thad Peterson, director at Edgar, Dunn & Company, a global independent payments consultancy and presenter at the NFC Technology Summit.

The survey showed that payments professionals are optimistic about the future for mobile payments, but expect it will take time for the industry to mature and develop. Significantly, more than eight out of 10 survey respondents believe that mobile payments will reach a critical mass of consumers and become as important as other types of payments, such as credit and debit cards.

Most respondents view the achievement of critical mass as a long-term proposition, at least five and perhaps more than 10 years. Only a handful of optimists thought it could be achieved within the next two years.

Key findings from the survey include anticipated adoption curves for both online and physical world mobile payments. The report provides a detailed analysis of the perceived barriers and challenges between traditional payment providers such as financial institutions and credit card schemes and newcomers into the payments value chain such as carriers and handset manufacturers.

The study highlights several significant market opportunities for replacement of cash and cards with mobile payments, including those areas where greater speed and convenience is valued such as fast food, transportation, parking, online music and tickets.

The study was implemented via an online survey questionnaire covering topics such as the adoption of mobile payments, drives of and barriers of growth, and the role of various players in the mobile payments value chain. The over 350 respondents, (representing a 9% response rate) surveyed thought leaders in mobile payments and financial services from geographic areas: 45% Americas, 37% EMEA, 18% Asia/Pacific. The study's executive summary will be available at www.edgardunn.com or www.mobilepaymentsworld.com.