Nearly two thirds of respondents in a poll said Square and its rivals will have either a transitory effect on the mobile payments market or be a niche application for small businesses.

In contrast one quarter of respondents thought such services, which involve attaching a card reader to a smartphone or tablet so that retailers can accept payments, will proliferate to all parts of the market. Just ten per cent of respondents thought the likes of Square will be limited to wealthier countries such as the US and hold no attraction for emerging markets.    

Among respondents, 30 percent agreed with the statement that Square-like services are transitory until NFC is fully established while a further 35 percent said they will serve a niche among small businesses. For full poll results see here.