Mobile Payments May Replace Credit Cards by the Year 2020

Mobile Payments

By 2020 paying for anything using your smart phone or Ipad will have gained mainstream and would largely replace credit cards and cash. The Near field communications (NFC) terminals have already assisted in online mobile payments and are widely used elsewhere in the world. It is a matter of no time when smartphones eclipses plastic cards and hard paper and go to way for shopping.

Bye bye, Cash – hard currency have served us well for past many years but the era of this new technology has begun, mobile payments and it is hard not hard to judge that credit cards and cash is on its edge of goodbye and effectively on their way out. It can be said that cashless will be liberating, infact it will open new gateways of exchanging goods and services.

Cash and card- Edge of extinction in 8 years
Trust in new technology- By 2020 people will embrace and will fully adapt the use of smartphone purchasing which will nearly eliminate the need of cash and credit cards. They will more trust on hardware and software monetary transactions. Cash will disappear from nearly all the transactions especially in advance countries.

It’s a battle of ‘yes’ or ‘no’ – Experts surely state that in 2020 mobile payments will be a norm, but use of cash and credit cards will still be there, it will just become uncommon. Like, when credit cards were introduced cheque and cash payments were still there but were not used frequently, same will be the case with mobile payments. In simple words, Cash and plastic cards will hang around – will be rarer.

Survey – 65% people will use smartphone rather than cash in 2020
Competition is tough – Credit card companies are heavily investing in making their cards effective by introducing smart cards, and convincing customers to still use credit cards. It is hefty to say, but these companies will not go away without a fight. Plus another factor to battle is, people still like the anonymity of cash and many will not easily adapt the latest technology and the internet to keep their e-commerce transactions safe.

-Everybody is doing the swiping

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