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Wednesday, April 18, 2012

Consumers anticipate mainstream mobile payments by 2020

A new study from the the Pew Research Center’s Internet & American Life Project has found almost two-thirds of respondents believe that cash and credit cards will have almost been eliminated by payments via a ‘smart device’ in 2020.

However, the remaining 33% of respondents believed that fears about NFC security and personal information would limit the spread of digital money.

65% of respondents agreed with the statement: “By 2020, most people will have embraced and fully adopted the use of smart-device swiping for purchases they make, nearly eliminating the need for cash or credit cards. People will come to trust and rely on personal hardware and software for handling monetary transactions over the Internet and in stores. Cash and credit cards will have mostly disappeared from many of the transactions that occur in advanced countries.”

[Overview; Future of Money report (pdf)]

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Author: The Fonecast
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