Skip to main content

Study: By 2020, smartphones will replace cash and credit cards as the preferred payment method

Starbucks-Mobile-Payment
Image used with permission by copyright holder

Do you already use your smartphone to make daily purchases instead of cash, debit, or credit cards? If so, you’re on your way to contributing to the study that believes by 2020, mobile payment will make all other payment methods obsolete.

Seeking the opinions of 1,021 “Internet experts and other Internet users,” the findings come from the Pew Research Center’s Internet & American Life Project and Elon University’s Imagining the Internet Center. This research concluded that 21 percent of smartphone users say they already use their smartphones to pay the bill and two out of three respondents believe people will begin migrating toward the method by the decade’s end. The survey considers Near Field Communication (NFC) such as the Google Wallet technology and the Square mobile card reader as forms of mobile payment.

“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,” the survey statement said. About 65 percent of people agreed, though 33 percent noted they do not trust devices using NFC because it will not allow people to physically swipe or enter their information in for maximum safety and reliability. With the recent Google Wallet hack, it’s not surprising why.

The rise of mobile payments is definitely attributed to more smartphones being made and sold, slowing easing out the old days of app-less devices. Paying with a device you already use for everything else consolidates all your belonging in one place so you don’t have to carry around a bunch of items in the future to serve various purposes.

“There is nothing more imaginary than a monetary system,” survey respondent and Harvard University professor Susan Crawford wrote. “The idea that we solemnly hand around printed slips of paper in exchange for food and water shows just how trusting and fond of patterned behavior we human beings are.”

Still, with one third of correspondents still wary of mobile payments overtaking past patterns, there are still some security fears floating about the idea. Especially with NFC devices which can access your personal information through just several taps, perhaps people are not ready to make the complete move toward a smartphone domination. Losing your wallet is traumatic enough, but losing a phone which has your bank accounts and the rest of your life in would be a bigger devastation.

What about you? Would you prefer to use your smartphone as the new way to pay, or do you prefer to stick with cash and cards?

Natt Garun
Former Digital Trends Contributor
An avid gadgets and Internet culture enthusiast, Natt Garun spends her days bringing you the funniest, coolest, and strangest…
Is the Google Pixel 8a waterproof?
A render of the Google Pixel 8a with its scree turned on. It's against a light blue background.

Google's Pixel A series is an oddball compared to other midrange phones. Besides some mediocre features that fit the price, the A series phones surprisingly share some other attributes with their more premium siblings.

The all-new Google Pixel 8a is alike in this regard and shares such things as the Tensor G3 chip, wireless charging, and seven years of software support from Google. It's also the first A-series Pixel to get a 120Hz display. But if you're wondering whether or not the Pixel 8a is waterproof, here's what you need to know.
Is the Google Pixel 8a waterproof?

Read more
How to use Apple Music Sing
Apple Music Sing on an iPhone.

If you're someone who likes to sing along to your music a lot, then you might be interested to know that Apple Music has had a feature called Apple Music Sing that basically turns your iOS device or Apple TV into a karaoke machine.

Arriving late in 2022, the little-known feature enhances the lyrics feature of the Apple Music app that lets you read along with the words of your tunes. There's also a new volume control slider that lets you fade the vocal track out, so you can sing it yourself. Available only for Apple Music subscribers, it's a feature that's sure to be a holiday sing-along hit.

Read more
Does the Google Pixel 8a have a headphone jack?
A render of the Google Pixel 8a in its porcelain color, showing the front and back of the phone.

The Google Pixel 8a is the latest and greatest in Google’s midrange A-series smartphone lineup. It costs an affordable $499, but boasts many features that make Pixel phones so popular, including great camera hardware, a Tensor G3 chip, and a 120Hz refresh rate on its 6.1-inch OLED display. All of this makes it a great option for most people who aren’t looking for cutting-edge specs.

However, you might be wondering if it comes with a headphone jack so you can use it with wired earbuds. Smartphone manufacturers have increasingly eliminated this feature in favor of pushing customers to their own line of Bluetooth earbuds and headphones. Does this also apply to the Pixel 8a? Here’s the deal.
Does the Pixel 8a have a headphone jack?

Read more