Smartphones wallets going mainstream

2012-04-18 07:53

San Francisco - Using smartphones or tablets as digital "wallets" will be common within a decade, largely replacing cash and credit cards, according to a Pew Research survey released on Tuesday.

Sixty-five percent of "technology stakeholders and critics" who responded to an opt-in poll by Pew Research and Elon University Imagining the Internet Centre agreed that hand-held gadgets would be a mainstream way to pay by the year 2020.

"The 2020 date might be a bit optimistic, but I'm sure that this will happen," Google chief economist Hal Varian was quoted as saying in a survey response.

"What is in your wallet now? Identification, payment, and personal items," he continued. "All this will easily fit in your mobile device and will inevitably do so."

Google last year launched a "Wallet" service that lets sophisticated Android-powered mobile phones be used to "tap and pay" for purchases at shops.

Many of the 1 021 people surveyed said that security and convenience would be among the factors prompting people to shift to using smartphones or tablets as de facto credit cards or cash.

Some who were optimistic about the future of smartphone wallets expected the trend to be slowed by privacy fears, lack of infrastructure, and resistance by credit card companies and other entities profiting on the current system.

"The driver here will virtually 100% be whether or not the credit card industry decides it can make more money through changing technologies," the survey quoted Microsoft principal researcher Jonathan Grudin as saying.

Almost none of the people surveyed expected cash or credit cards to disappear completely, according to Pew.

"Due to concerns about the technology, resistance by incumbent providers and the generally slow nature of societal change, there is a fairly consistent feeling among these experts that mobile payments will exist on a spectrum along with a number of other financial options," study co-author Aaron Smith of Pew Research.

"Indeed, some expect these services to most quickly reach widespread adoption in the developing world, due to its lack of an incumbent banking sector and ingrained consumer habits."

Read more on:    google  |  us  |  technology  |  mobile
NEXT ON NEWS24X

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
5 comments
Add your comment
Comment 0 characters remaining
 

Inside News24

 
 

The rich will pay - Mpofu

The EFF in Gauteng will focus all its energy on improving the lives of the poor, the party's premier candidate Dali Mpofu says.

 
 

Latest elections multimedia

Watch what happened when we blindfolded Helen Zille and asked her to eat random things
13 days to elections - news you need to know
11 Julius Malema quotes you'll never forget
DA won't get 30% - Zille
 
Traffic
Lottery
 
  • Tuesday Century City - 05:58 AM
    Road name: Ratanga Road Southbound
    ROADWORKS - lane closure between Ocean Spirit Avenue and Century Boulevard (until mid April)
  • Tuesday Mitchells Plain - 05:58 AM
    Road name: Spine Road
    ROAD CLOSED between Weltevreden Drive and Seafarer Drive due to roadworks (until mid April)
 
More traffic reports...
 

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Escape winter, head to Mauritius

Escape winter by spending 7 nights in Mauritius' tropical bliss from R13 215 per person sharing. Includes return flights, airport transfers and accommodation. Book now!

Kalahari.com - shop online today

Mother’s Day special offers!

Spoil mom with these awesome specials that will warm her heart. Shop now!

Twisp – the smoking alternative

Buy any 2 refills for R250 and save R149. Offer valid while stocks last. Shop now!

25% off bestselling books!

The Real Meal Revolution by Tim Noakes, Jeffrey Archer’s Be Careful What You Wish for, Man’s Search for Meaning by Victor E. Frank and many more titles. Shop now!

Mother’s Day specials on appliances

Browse our range of Mother’s Day appliances to spoil and pamper mom. Offer valid while stocks last. Shop now!

DStv HD PVR Decoder now R949

The DStv HD PVR Decoder has further revolutionised the television experience with lifelike viewing, sharper images, more vibrant colours and precision picture quality. Now R949, save R550. Offer valid while stocks last. Shop now!

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

Apple iPad 3 Black 64GB 9.7" Tablet With WiFi & 4G

Retina Display Finally the incredible Retina display technology from the iPhone...

From R7699.00

I'm shopping for:

Horoscopes
Aquarius
Aquarius

You may be more sensitive today and can be influenced easily by the energies around you. Try not to be swayed too much by the...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.