CreditCardProcessingAdvice.com Believes Smartphones Will Replace Credit Cards and Cash

SAN DIEGO, CA, July 20, 2012 (Press-News.org) The Internet & American Life Project at the Pew Research Center along with Elon University's Imagining the Internet Center recently conducted a study suggesting that mobile payment solutions will be more common than money by 2020.

Issuing an official statement on their website, PewInternet.org shows that 65% of experts consulted in the study agree: "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."

Opposition to this statement was met by only 33% of the consultants who argue: "The security implications raise too many concerns among consumers about the safety of their money. And people are resistant to letting technology companies learn even more about their personal purchasing habits."

The security aspect of the "smartphone wallet" however seems more secure than any cash or plastic option. If your wallet is stolen the cash goes missing and the cards can be used in retail locations with minimal chance of being caught. Google's new mobile payment solution, the Google Wallet, requires users to enter a PIN before any purchases can be made. So if your phone happens to be stolen there is a substantially lower risk of having your savings wiped out by a person carrying around your information.

James Brady, a writer for the popular website CreditCardProcessingAdvice.com, promotes the introduction of the Google Wallet as a first step towards an increasingly digital age. According to Brady, "Google Wallet has enabled smartphone users to use their phone as a payment solution in lieu of cash or plastic and has already hit several major retail locations such as American Eagle, Foot Locker, Gap, Macy's, and Walgreens." The conveyance of the smartphone wallet is undeniable.

John Pike, a director at GlobalSecurity.org agrees, "so many people are already accustomed to buying a cup of coffee with a credit card that smart-device swiping is only a very small next step." Digital media is becoming a larger and larger player in today's economy. Watching the smartphone come to the forefront of the economy, as a means of buying and selling is hardly surprising.

Media Contact Info
James Brady
CreditCardProcessingAdvice.com
6197862823
http://creditcardprocessingadvice.com/
jmbrady@creditcardprocessungadvice.com

SOURCE
CreditCardProcessingAdvice.com
PewInternet.org
GlobalSecurity.org

CreditCardProcessingAdvice.com is the leading resource website for merchants looking to learn more about the credit card processing industry. In addition to intrusctional articles and a merchant service provider directory, CreditCardProcessingAdvice.com also offers independant reviews on the top credit card processors in the industry.