Tech experts say payment with mobile devices and cloud storage of financial information could be commonplace by 2020—although a number of potential hurdles and holdouts stand in the way …
We surveyed 1,021 Internet experts and other Internet users. They were asked to choose one of two provided scenarios and explain their choice.
65% agreed with the 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. People will come to trust and rely on personal hardware and software for handling monetary transactions over the Internet and in stores. Cash and credit cards will have mostly disappeared from many of the transactions that occur in advanced countries.
33% agreed with the opposite statement, which posited:
People will not trust the use of near-field communications devices and there will not be major conversion of money to an all-digital-all-the-time format. By 2020, payments through the use of mobile devices will not have gained a lot of traction as a method for transactions. The security implications raise too many concerns among consumers about the safety of their money. And people are resistant to letting technology companies learn even more about their personal purchasing habits. Cash and credit cards will still be the dominant method of carrying out transactions in advanced countries.
What do you think - what is the future of cash in the cloud?