New research from the Pew Research Center’s Internet & American Life Project shows that nearly two-thirds of tech experts believe that smart phones will overtake credit cards as the dominant form of payment by 2020.
Pew Internet’s survey asked more than 1,000 tech insiders and stakeholders to agree or disagree with a statement that “smart device swiping,” i.e. NFC payments, would be the norm by 2020.
According to Pew, 65% agreed with the following 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.”
On the other hand, 33% agreed with this statement illustrating the opposite scenario:
“People will not trust the use of near-field communications devices and there will not be major conversion of money to an all-digital-all-the-time format. By 2020, payments through the use of mobile devices will not have gained a lot of traction as a method for transactions. The security implications raise too many concerns among consumers about the safety of their money. And people are resistant to letting technology companies learn even more about their personal purchasing habits. Cash and credit cards will still be the dominant method of carrying out transactions in advanced countries.”