Mobile payments will replace cash and credit cards, say consumers

Mobile payments platform

Mobile paymentsA survey has shown that people feel that cashless payments will soon dominate the marketplace.

A recent survey performed by Harris Interactive has shown that over 60 percent of American adults believe that mobile payments will have replaced traditional plastic credit card and cash transactions in the not too distant future.

Approximately 30 percent believe that this will occur within the next five years.

The online poll was conducted with the participation of 2,383 adults in the United States. It ran from November 14 through November 19. Among the respondents, 66 percent stated that they felt that mobile payments would, at some point in the future, replace transactions using cards. However, less than half of them (32 percent) feel that this is five years away.

Similar findings were shown in terms of mobile payments replacing the use of cash.

Among the respondents, 61 percent felt that mobile payments would one day completely take over where cash is traditionally used today. Only 26 percent of them feel that this will occur within the next five years.

According to the results of the survey, there are a number of different reasons that explain why the adoption of mobile payments has not become the leading form of transaction. The participants were given the opportunity to select their reasons for deciding against smartphone transactions when they completed the survey. The results that were received included the following:

• 52 percent of participants didn’t see any reason to change from their traditional methods of paying for purchases.
• 51 percent preferred not to store sensitive information on their smartphones.
• 50 percent didn’t use a smartphone.
• 40 percent preferred not to transmit their sensitive information over the device of a merchant.
• 25 percent are concerned that they will lose their data connection or the device itself so that they will not be able to continue purchasing.
• 15 percent that they will have the same problem because of a dead battery.
• 8 percent don’t understand how the technology can be used.
• 7 percent don’t know where these options are available
• 7 percent had another reason that made them uninterested in using their smartphones for making mobile payments.

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