NFC mobile payment will be the norm by 2020, says study
Baku, April 18 (AZERTAC). A new study believes cash and credit cards could be a thing of the past by as early 2020, thanks to near-field communication technology in smartphones
A new study by the Pew Research Centre's Internet and American Life Project and Elon University's Imagining and Internet Centre has found cash and credit cards may be a thing of the past a lot sooner than predicted.
The study, which looked at a random sample of 1,021 'technology stakeholders and critics in the mobile payments industry', said 65 per cent of respondents believe most consumers will have fully embraced NFC by 2020.
Not everyone was quite so sure NFC will be the main form of payment within the next decade. 33 per cent of respondents said they don't trust the technology and reckon it won't gain much traction.
The fear isn't uncommon as reasons for its slow adoption have always hinged on issues with privacy fears and security. The lack of infrastructure hasn't helped, but in London, at least, it seems as if that is changing, with companies like Starbucks and McDonald's adopting new digital-based payment systems.
Speaking to Mashable, the website which reported on the study, respondent Hal Varian said: 'The 2020 date might be a bit optimistic, but I’m sure that this will happen. 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.'
Other participants were much less sold on the claim. 'I’m happy to buy my $2 Starbucks using my Android but I don’t know that we will ever feel secure enough to make much larger purchases that way,' one added.
NFC, or near-field communication technology to use its full name, is a way of paying for goods or services using your mobile phone or other NFC-enabled devices with a simple swipe or touch.
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