Within the next decade, smart-device swiping will have gained mainstream acceptance as a method of payment and could largely replace cash and credit cards for most online and in-store purchases by smartphone and tablet owners, according to a new survey of technology experts and stakeholders.
Many of the people surveyed by Elon Universityâ€™s Imagining the Internet Center and the Pew Research Centerâ€™s Internet & American Life Project said that the security, convenience and other benefits of â€œmobile walletâ€ systems will lead to widespread adoption of these technologies for everyday purchases by 2020.
Othersâ€”including some who are generally positive about the future of mobile paymentsâ€”expect this process to unfold relatively slowly due to a combination of privacy fears, a desire for anonymous payments, demographic inertia, a lack of infrastructure to support widespread adoption, and resistance from those with a financial stake in the existing payment structure.
The survey results are based on a non-random, opt-in, online sample of 1,021 Internet experts and other Internet users, recruited via email invitation, Twitter or Facebook from the Pew Research Centerâ€™s Internet & American Life Project and the Imagining the Internet Center at Elon University. Since the data are based on a non-random sample, a margin of error cannot be computed, and the results are not projectable to any population other than the experts in this sample.