Mobile Payments to replace cash and credit cards by 2020 according to Pew study

Cash and cards eliminated by 2020?

A new study from the Pew Research Center’s Internet and American Life Project and Elon University’s Imaging the Internet Center claims 65% of the experts surveyed believe the majority of consumers will trust mobile payment services sufficiently to regularly make in-store and online transactions thus eliminating the need for cash and cards. The study was carried out on a non-randomly selected, opt-in group of 1,021 technology experts in the mobile payments space, from Google and Microsoft executives to distinguished university professors.

Conversely, 33% of those surveyed believed the direct opposite that mobile payments will fail to gain traction due to security concerns and fears over privacy. Pew did not offer a middle ground option but many also believed that the outcome will lie somewhere in between, which seems to be the sensible answer, with rapid mobile payment adoption in some areas and resistance to it in others.  


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