Pew Says Mobile Payments May Replace Cash and Plastic By Decade’s End

The world could be a dramatically different place by 2020. In only eight short years, cash and credit may be gone from our daily experience. In their place? …

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The world could be a dramatically different place by 2020. In only eight short years, cash and credit may be gone from our daily experience. In their place? Mobile payment platforms that will simplify and expedite how we pay for goods and services.

“As adoption of advanced mobile devices such as smartphones has exploded in recent years,” a new Pew study reads, “consumers have grown increasingly comfortable using their phones to transfer money, purchase goods, and engage in other types of financial transactions.”

Recent Pew Internet surveys find that one in ten Americans have used their cell phone to make a charitable contribution by text message, that more than one-third of smartphone owners have used their phones to do online banking services like paying bills or checking a balance, and that 46% of apps users have purchased an app using a mobile device.

Incredibly, some sixty-five percent of the technology experts surveyed by Pew believe that mobile wallets will be fully trusted and adopted by consumers to such a degree that they will replace cash and credit by the close of the decade.

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    I definitely don't think we will have to wait until 2020 until mobile payments become a reality. Research overwhelming shows that the younger demographic is eager and excited to pay with their mobile. There will hopefully be a lot of precautions against electronic theft as well. Seeing this idea develop over the next few years will be exciting. For now I’m quite happy to use my debit/credit cards for purchases.