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.”
To read the full story click here.