Global customer acceptance for mobile money transactions would require another four years or so, said a report by KPMG.

A survey by the global consultant of nearly 1000 executives from different sectors showed that 83% of them expected mobile money to gain acceptance in four coming years.

However, KPMG's personal view says that the system would catch up faster than the time anticipated in the report.

"We believe that exploding smartphone growth and myriad opportunities will grow mobile payments at a much faster rate than our respondents anticipate," KPMG Global Chair of the Technology, Communication and Entertainment, Mr Gary Matuszak, said.

"A wide variety of payments is ready for adoption, as several key players already provide or are rolling out mobile payments, and interest among consumers in utilising mobile payments is growing in line with the industry's readiness to deploy them," he added.

"There is a consensus on the significant value of this opportunity among executives across geographies and industries, but the type and size of opportunity varies between the developed and developing countries, depending on the depth and reach of the financial infrastructure in place," Mr Matuszak said.

"We believe that firms willing to engage in cross-industry partnerships, are more likely to succeed and dominate the market due to the complex set of business relationships, required to deliver mobile payments to a mass market," he added.