Commenting on news that, from today, consumers will be able to use mobile phone numbers to make bank payments, KPMG’s global head of banking, David Sayer, says:
“Connecting a current account to a mobile number is the first step towards genuine ‘real-time’ payments for everyone who has a current account and a mobile phone. As more banks come on board we should also begin to see a wave of consumer-friendly functionality on mobile banking apps that simplify the service and drive uptake of mobile offerings."
“When all banks are on board, the secure, simple approach to pay the window cleaner, babysitter or friend you borrowed money from just using their mobile number will become the norm. Right now though, it is too early to see whether sole traders will harness this new capability to accelerate cash-flow and reduce costs."
“For consumers, speed and security of payment will be the mark of success, but for businesses and banks, speed to market will be critical. Clearly the winners will be the companies that can provide the most engaging consumer experience with the greatest convenience.”
- ENDS -
Mike Petrook, KPMG Press Office
T: 020 7311 5271
M: 07917 384 576
KPMG Press Office: +44 (0) 207 694 8773
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with approximately 11,500 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.