Mobile wallets gain traction

According to a KPMG survey, 23% of US consumers are “very willing" to use their mobile phones as wallets, but many consumers still express privacy and security concerns, NFC World reports.

When asked who they trusted the most with their data, 53% of respondents identified their banks and 29% said they would put their trust in payment systems like PayPal.

KPMG's fifth annual “Global Consumer and Convergence Survey” reveals only 7% trusted retailers and 6% trusted their mobile or Internet service providers, GigaOM states.

Telecom Paper says the number of global respondents who prefer to use their mobile devices for Web browsing, news and shopping increased five-fold, when compared with KPMG's previous findings.

KPMG says for mobile, Internet and telecoms service providers, the overriding factors in choosing or switching providers is price (77%) and quality of service (78%), as opposed to device selection (54%) and exclusive content or services (49%).