As payments made from mobile phones and other mobile devices increasingly become a popular preference over checks, cash and even debit cards, many banks around the world are rapidly re-evaluating and evolving their business models. New competition from non-traditional sources such as Apple, Google and PayPal is forcing banks to move quickly in order to preserve their payments revenues and take advantage of emerging mobile platforms, according to new report from KPMG International.

With almost 85 percent of respondents to KPMG International’s survey of banking and financial services executives saying that mobile payments will have significant importance to their business within the next one to four years, a select group of banks are quickly moving ahead of their peers by leveraging mobile platforms to gain customer loyalty, reduce costs and – ultimately – secure their place in the mobile payment value chain.

“Our survey shows that – around the world – banks tend to fall into two camps: those that see themselves as innovators, and those who prefer to be followers.” said David Sayer, Global Sector Lead for KPMG International’s Retail Banking practice. “And while a number of barriers still stand in the way of the mass adoption of mobile payments today, both camps will need to focus on overcoming these challenges if they hope to maintain their hegemony over the payment value chain.” Read more.