Is Mobile Paying Replacing Cash & Cards?

Will cash, checks, and credit/debit cards be around in ten years?  Many internet users surveyed don’t think so.

The survey (arranged by the “Pew Internet & American Life Project”) found that 65% (that’s almost two out of every three!) of respondents believed that they will be using a type of digital wallet (paying using their mobile phone) instead of a physical one by the year 2020.

While this survey could be biased (it was an opt-in survey of internet users, so one could argue that those surveyed are generally first to use new technology), it definitely gives us something to think about.

Customers can already pay for your coffee at Starbucks with a mobile app, use Google Wallet instead of debit cards at many locations, and accept or make payments with services like Square that let cards be swiped “into” a mobile device.

In fact, a recent report from comScore claimed that 38% of smartphone owners have used their phones (instead of cash or card) to make a purchase of some kind.

Would you be comfortable to ditch physical forms of payment for mobile ones?

 

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