Google Executive Chairman Eric Schmidt is bullish on the growth of mobile payments in the coming year.
Speaking at the Cannes Lions International Festival of Creativity today, Schmidt said he believes one-third of all restaurants and retail outlets will allow for mobile payments within the next year, the Financial Times reports him as saying. He reportedly told those in attendance that that number should be enough for widespread adoption of mobile payments.
"I judge that based on how long I think it takes, because the terminals are available now, the software is available now or this summer," the Financial Times reported Schmidt as saying. "How long does it take an infrastructure player to upgrade a significant percentage of their infrastructure—it’s on the order of a year, it’s not a week, it’s not a month but it’s also not five years. It’s an educated guess."