NFC mobile payments to replace cash and credit cards by 2020

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NFC Technology

Mobile commerce set to become powerful force in financial world

Mobile commerce is quickly becoming a formidable force in the world of business and finance. The emerging industry is powered by NFC technology, which can turn mobile devices into payment platforms. NFC has become a focus for telecommunications, credit and financial companies around the world because it could change the way commerce works. Mobile commerce is not free from skeptics, however, as many believe that NFC technology will never reach a point where it can replace traditional credit cards. This may actually be the case, according to a new report from Pew Internet & American Life Project, a non-profit research organization.

Report shows technology professionals have faith in NFC technology

According to the report, NFC transactions are to replace traditional transactions – those made with physical currency or cards – by 2020. Pew compiled information from 1,021 technology professionals, including executives from companies like Google and Microsoft, and found that NFC technology has already attained a great deal of momentum despite the skepticism surrounding it. The firm found that 65% of these professionals believed that NFC-powered mobile commerce will be the dominant form of transactions by 2020. They believe that NFC-enabled mobile devices will have the capability of replacing cash and credit cards entirely by this time.

Despite promising future, worries of NFC and mobile commerce remain

The report also shows that 33% of technology professionals have significant concerns regarding mobile commerce. These concerns are founded in the turbulent landscape of digital payments. Security has been one of the primary areas of concern for consumers and businesses alike. NFC technology can turn a mobile device into a financial tool, but these mobile devices can also be stolen. Furthermore, the financial data stored in an NFC-enabled mobile device can be compromised by hackers. Given the apparent increase in cyber attacks recently, these security issues are worrisome enough to make many companies shy away from mobile commerce.

NFC technology is relatively new and many companies are still experimenting with its boundaries and application to mobile commerce. Despite concerns regarding security and viability, mobile commerce has managed to gain a great deal of momentum amongst tech-savvy consumers. If NFC technology can continue along the path of development it has been on for the past year, Pew believes that it will enable mobile commerce to become the dominant force in the world of finance.

Article: NFC payments to replace cash and credit cards by 2020
Article Source: Mobile Commerce Press
Author: Sam Lambert

NFC mobile payments to replace cash and credit cards by 2020

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