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…
How to find your phone number on iPhone or Android
Rebtel Calling

If you're here, you've likely just had this experience; needing to enter your digits for an account of some sort, you realize you don't remember your own phone number. As you don’t call your own phone number very often, this isn't an extremely uncommon scenario. And it gets even worse if you frequently use a second phone number alongside your main one. It's still embarrassing enough, however, to not want to ask your partner or buddy, "Hey, what's my phone number?"

Luckily, the ability to locate phone number data comes directly on your phone, so checking your friend's address book won't be necessary. Whether you’re using an iOS or Android device, you can quickly locate your own number — as well as your IMEI number — on your phone if you know where to look. Just grab your phone, find the appropriate section below, and we'll show you how to do it.
How to find your phone number on iPhone

Read more
I can’t wait for Nothing to launch this stunning phone
Nothing Community Edition Project winner.

Say what you will about Nothing, but this brand certainly has a taste for flashy design. After all, how many phones out there light up and sync to the beat of music? But the company's latest smartphone endeavor could just be its best yet.

In March, Nothing introduced its Community Edition Project. The goal was to take ideas from its fans for hardware design, with the Nothing Phone 2a serving as the foundation. The company also has similar plans for wallpaper, packaging, and marketing shenanigans. Today, Nothing announced its winning entry for the phone design, and it’s a stunner.

Read more
The best tablets in 2024: top 11 tablets you can buy now
Disney+ app on the iPad Air 5.

As much as we love having the best smartphones in our pockets, there are times when those small screens don't cut it and we just need a larger display. That's when you turn to a tablet, which is great for being productive on the go and can be a awesome way to unwind and relax too. While the tablet market really took off after the iPad, it has grown to be quite diverse with a huge variety of products — from great budget options to powerhouses for professionals.

We've tried out a lot of tablets here at Digital Trends, from the workhorses for pros to tablets that are made for kids and even seniors -- there's a tablet for every person and every budget. For most people, though, we think Apple's iPad Air is the best overall tablet — especially if you're already invested in the Apple ecosystem. But if you're not an Apple user, that's fine too; there are plenty of other great options that you'll find in this roundup.

Read more