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  Cash AND cards to go the way of the cheque? Tech experts say payments by mobile will 'eliminate' both by 2020
  
  
  Phone chips will become main method of payment
  
  Users will pay via NFC ('near field') chips where they 'bump' mobiles on tills to pay
  
  65% of 1200 experts agreed with statement
  
  Poll includes experts from Google, Microsoft and Harvard
  
  By ROB WAUGH
  
  Published: 12:05 GMT, 18 April 2012 | Updated: 12:05 GMT, 18 April 2012
  
  
  
  
  
  
  
  
  
  
  
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  comments
  
  
  
  Payments via mobile systems such as NFC (near field communications) chips will overtake both
  cash AND cards by 2020, claims a new report
  
  The pennies in our pockets could soon be consigned
  to the history books - along with debit and credit cards.
  
  A poll of technology experts by America's Pew Internet Research centre found that
  most predicted that mobile-phone payments would have overtaken both cash AND cards by 2020.
  
  
  Of the 1200 experts polled, 65% thought that cash and cards would
  be nearly wiped out by 2020.
  
  The poll included Harvard experts as well as engineers from companies
  such as Google and Microsoft.
  
  The need for either cash or cards will be 'eliminated'
  by chips in mobile phones.
  
  In shops, people will 'bump' their phones against tills to pay - or simply pay online via apps.
  
  
  Many tech experts also believe that the new systems will
  be MORE secure.
  
  Google chief economist Hal Varian said, 'Two-factor authentication (secret number + physical device) is better
  than one-factor authentication, and smart phones seem to have a natural role
  here.'
  
  Microsoft  engineer Christian Huitema says, 'We have already witnessed the transition from cash to debit/credit
  cards. The electronic wallet is not much more than a ‘virtual card,' in which near-field wireless communication replaces the reading of a magnetic stripe.'
  
  
  
  
  
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  The poll, which included experts from Harvard and Google, expected that 'near field
  communication' systems - where users 'bump' phones against
  tills to transfer funds, as well as online payments
  from phones, would have overtaken cash and cards in eight years time.
  
  
  
  
  Based on a technology known as near-field communication (NFC),
  Google Wallet allows users to store payment information in the cloud and pay for goods at participating retailers by tapping
  their phone at the point of purchase
  
  
  
  'Overall, a majority supported the scenario that 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,' says Pew, a respected technology think tank.
  
  
  'These experts feel that the explosive growth in the use of smartphones and other mobile
  devices, makes these systems an obvious choice to replace established modes of payment in day-to-day commerce.'
  
  The research found that the change is already happening - particularly
  in America, where phones using Google Wallet (a mobile
  payment system) and NFC payment chips are more common.
  
  A March 2012 Federal Reserve report found that 21% of mobile phone owners had used mobile banking services in the past year and
  that another 11% of mobile owners plan to use such services in the next 12 months.
  
  
  The study also found that some 12% of mobile phone owners have made payments—such as paying bills online
  or transferring money directly to another person's account—via their phones.
  
  
  In the developing world, the figures are even higher - 20% of Kenya's GDP is sent via text message every year using the country's M-Pesa system.
  
  
  In late 2011, Google launched Google Wallet in partnership with Citibank and MasterCard.
  
  
  Based on a technology known as near-field communication (NFC),
  Google Wallet allows users to store payment information in the cloud and pay for
  goods at participating retailers by tapping their phone at the
  point of purchase.
  
  Many analysts predict that Apple will announce its own virtual wallet service in the near future.
  
  
  
  
  
  
  
  
  Google
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