Bangalore: Cash, credit and debit cards will soon become a thing of past by the end of this decade. By 2020 most of us would be buying groceries and paying public transportation with a swipe of your smartphone, states a study done by Pew Research Center’s Internet & American Life Project and Elon University’s Imagining the Internet Center.
The study affirms that 65 per cent of respondents believe that by 2020 most people will be using smartphones or other mobile technology for purchases, nearly eliminating the need for cash or credit cards.
Only 33 per cent respondents said that cash and credit cards will continue be the dominant method of carrying out transactions in advanced countries and they don’t trust devices with Near Field Communications technology (NFC) because it will not allow people to physically swipe or enter their information in for safety and reliability.
The report also reveals that the adaptation towards the NFC technology such as Google Wallet technology will be a bit slow due to privacy features and infrastructure restrictions. The Banking firms will not be that comfortable to change from an already working model of credit and debit cards, but gradually a new method of making money is always attractive and will be adopted for good.
“The 2020 date might be a bit optimistic, but I’m sure that this will happen,” said study participant Hal Varian, chief economist at Google. “What is in your wallet now? Identification, payment and personal items. All this will easily fit in your mobile device and will inevitably do so”, reports Mashable.
Magazine : 
.jpg "Unlocking Potential Redefining Potential & Redefining Excellence")