Mobile Payments, Regulatory Headaches and Slow Growth: Top Quotes of the Week in Banking
1. Wave of the Future
Within five years, half of today’s smartphone users will be using their phones and mobile wallets as their preferred method for payments.
—Peter Olynick, Card & Payments Practice leader for management and tech consulting firm Carlisle & Gallagher. The firm conducted a survey of 607 U.S. consumers that found nearly half would be interested in using mobile wallet services. More alarmingly for banks, eight in 10 respondents said they would use PayPal as their mobile wallet provider, while six in 10 said they would use Google or Apple.
Source: Bank Systems & Technology