Speed and security critical to mobile payment success - KPMG
Speed and security will be critical to the success of mobile payment systems, according to KPMG.
The launch of Paym could transform the mobile payment landscape, according to KPMG – but only if consumers' security concerns are addressed.
Paym, which was rolled out for account holders with nine UK banks on Tuesday (29 April 2014), allows Britons to send and receive money using phone numbers alone.
David Sayer, Global Head of Banking for KPMG, has now called the service "the first step towards genuine real-time payments for everyone", claiming it will help drive the uptake of mobile banking apps.
However, he said that for consumers, speed and security will differentiate apps that succeed. "Clearly the winners will be the companies that can provide the most engaging consumer experience with the greatest convenience," he commented.
As of Tuesday's launch, around 30 million Britons are able to use Paym - so long as they own a mobile phone.
Support for other banks and building societies will be added to the app in due course, with around nine in ten account-holders expected to be covered by the end of the year.
According to recent figures from the British Bankers' Association, UK consumers now carry out 5.7 million mobile payments on a daily basis.