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Survey: Mobile payments will replace traditional transaction by 2020

April 30, 2012

A recently released Pew Research Study revealed that by 2020, mobile credit card processing will represent the majority of transactions.

A recently released Pew Research Study revealed that by 2020, mobile credit card processing will represent the majority of transactions.

The study, “The Future of Money: Smartphone swiping in the mobile age,”  surveyed 1,201 industry experts and found 65 percent believed that by 2020 the majority of payments would be made through mobile devices instead of cash and traditional card methods. Some experts said that mobile credit card processing was a safer way to capture payment information and that consumers would benefit from the change.

“There’ll be a transition period where there’ll be a cat-and-mouse game where the crooks figure something out and the loopholes will be closed,” Gil Luria, managing director of equity research for computer services and financial technology at Wedbush Securities, in an interview with ISO & Agent. “But if everybody gets through that transition period without losing customer confidence and merchant confidence, it will lead to far more secure transactions.”

One brand that has been seeing an increase in the use of its mobile payment is Square. In a recent statement, the firm said that payment volume had increase 25 percent since March, according to Bloomberg.

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