Experts Predict Cash and Credit Cards Obsolete by End of Decade

In a survey by Pew, many technology experts believe that mobile wallets will replace cash and credit cards by 2020. Over half of the experts believe that the public will embrace the new technology of near-field wireless communication. Microsoft engineer Christian Huitema notes the progression from cash to debit and credit cards as an example of how quickly things can change. The near-field wireless communication will slowly replace the magnetic stripe.

Not all experts agree that the change will occur so quickly, or even take place at all. Many believe that the newer technology will not be trusted by the public. Others stated that cash will always be in demand because of illegal and anonymous transactions and transactions that occur in far off regions where the new technology does not yet exist.

Consumers in the UK are also questioning the new technology. According to VoucherCodes.co.uk, six out of 10 consumers would not use the new technology. Security concerns were cited by 36% as the reason for avoidance.

Source: http://www.bizreport.com/2012/04/pew-65-of-tech-experts-believe-cash-credit-cards-may-be-obsolete-by-2020.html#