Today credit card has replaced cash in most part of the world, because of its ease and convenience of use. Technology experts, according to the recent survey, have predicted that in the next decade customers will use their smart phones for payment at any outlets. The cash registers will be made redundant and the most loved medium of payment - Credit cards will be thing of past. Due to advanced technology and increased penetration of smart phone it is becoming more and more evident that using smart phone has an advantage over cash.
When surveys were carried out 65 percent of the participants was affirmative regarding the technology replacing the cash due to its convenience and high security level. Even in today time more and more customers are opting for mobile payments setting the trends for the future. However, there are many who disagree with this view and they consist of 35 percent of people. According to them privacy concern makes this a distant possibility in the future. Peter J. McCann, a FutureWei Technologies senior engineer, says sharing of numbers during transaction with vendors or merchant can be of high security concerns. But when seen with reference today’s swiping of credit cards it doesn’t make much difference to the whole process.
Some analyst believe it’s not the technology or security concern that is stopping customer from using smart phone for transaction but the human behavior that is a big hurdle. It takes time to change the behavior pattern of people who are for long used to cash and credit card mode of transactions. Though it is quite early to say or predict anything about the future but the trend set by today’s users will surely make a dent in the future way of transaction.
