Mobile Currency By 2020

In National News, News

Experts say that by 2020 most transactions will be taking place via smartphones, reported CNN.
About 65 percent of the computer and technology experts surveyed in a recent Pew Internet & American Life Project study think that by 2020 most people will have transitioned to having a mobile wallet stored on their phones.
Experts cited the continued transfer of consumers to nonphysical devices, such as credit cards and online transactions, as reasons for their predictions.
About one-third of those surveyed took a completely opposite stance, saying that a move to all-digital currency poses security problems.
“The use of a simple string of digits … is really a ludicrously insecure system that can and must change,” said Peter J. McCann, a FutureWei Technologies senior engineer, as reported by CNN.
Others, however, embrace the change.
“It’s basically the same technology as credit cards,” said Mung-Ki Woo, the head of mobile for MasterCard Worldwide, to CNN.  “It’s not better or worse.”

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