All and sundry are aware that smart phones and mobile tech are shifting the way we go about everything currently, from shopping and corresponding to entertaining our children in the back of our automobile. However, do people really anticipate no longer carrying cash and credit cards in our wallets inside eight years?

Recently The Pew Internet Project and Elon University’s Imagining the Internet Center unrestricted the outcome of a survey they carried out, inquiring about Internet stakeholders and additional specialists in the field to envisage the outlook, and inform us what they believe our wallets will look like in 2020.

Pew Internet has carried out a quantity of up to date studies that illustrated the subsequent data:

  • One in ten Americans has completed a charitable donation by text message.
  • One-third of smart phone holders have made use of their phones to pay bills or confirm account balances.
  • 46% of people who utilize apps have bought them with a mobile gadget.

The Federal Reserve published a study of its own in the past month, stating that:

  • 21% of mobile phone possessors have utilized mobile banking services in the past year.
  • 11% of individuals who hadn’t done so intended to in the next 12 months.
  • 12% of mobile phone holders have completed payments by the use of their phone.

In the Pew/Elon University Survey, the people who responded were asked whether or not they concurred 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. Cash and credit cards will have mostly disappeared from [. . .] advanced countries.

A massive 65% concurred that cash and credit cards look likely to be on the decline and will have by and large have vanished by 2020.

The Pew and Elon folks then twisted the account about and asked survey respondents if they concurred:

By 2020, payments through the use of mobile devices will not have gained a lot of traction as a method for transactions. [Consumers are too concerned] about the safety of their money. Cash and credit cards will still be the dominant method of carrying out transactions in advanced countries.

Just 33% of the examined group concurred with this testimony, in harmony with the 65% saying that credit cards and cash were heading towards extinction.

• Harvard lecturer and former technology procedure aide for the Obama administration, Susan Crawford says, “There is nothing more imaginary than a monetary system. The idea that we solemnly hand around printed slips of paper in exchange for food and water shows just how trusting and fond of patterned behavior we human beings are. So why not take the next step? Of course we’ll move to even more abstract representations of value.”

• Director of technology at WGBH in Boston, Peter Pinch sees it this way: “I see ‘credit cards’ as already virtualized, electronic currency. The form factor and functionality of the card doesn’t really matter: I`m already making an electronic transaction and I expect all the affordances of such.”

• John Pike, Global Security director, thinks that “So many people are already accustomed to buying a cup of coffee with a credit card that smart-device swiping is only a very small next step.”

• In the pro-cash and credit card camp, Jeff Eisenach of Navigant Economics, LLC, believes that “Cash – tangible, hold it in your hand dollars – has been around for millennia. It won’t go away in a decade.”