According to tech expert consultants, in less than 25 years, we may not be carrying cash with us at all. Digital currency is on the rise—and not just credit and debit cards, either. Digital wallets and mobile payments are becoming more and more common, even for smaller purchases, and a survey of more than 1,900 people indicates that lowered concerns about online payments and digital technology are contributing to the decline of cash transactions.
The survey, which was conducted by IEEE Transmitter—a global technical professional organization that aims to advance technology for the greater good—asked folks who are “actively engaged in technology trends” about their comfort level with various digital services and cybersecurity. More than 1,900 people responded to the online survey between February 16 and 29.
Respondents were asked when they thought mobile and digital payments would be ubiquitous enough that traditional payment methods would be obsolete, and the general response suggested a huge shift would occur by 2030. Seventy percent of respondents believed that by 2030 most people would be using mobile payments to pay for purchases, using an electronic device such as a smartphone.
The future is cloudy
When asked about different information storage methods, people said the digital storage they trust the least is the “cloud.” Twenty-six percent of participants said it was their least-trusted storage method.
Concerns about security are warning
In the past, surveys have indicated that folks are worried about the security of online payments. However, judging by this survey, those concerns are beginning to die down. When asked if they are worried about the security of their work or personal email accounts, for example, people seemed equally unconcerned about the security of both. The survey’s authors found this surprising, since people’s work email is usually protected by an IT department, while their personal email is not. But people seemed not to mind either way, feeling that their information was relatively safe whether it was on an employer’s server or their own home network.
But this does not mean people should be lax about security when it comes to mobile payments, digital wallets, and other online matters. IEEE security lead Diogo Monica said “now more than ever, cybersecurity is a necessary safeguard to our digital lives, which hosts a variety of our private and personal information.” Monica said people need to “take the necessary precautions to protect our digital footprint.”
Read Also Related News
Studies show that several emerging payment options are gaining acceptance among consumers, but not everyone is on board with the rapid pace of technology and the new ways to pay for purchases. The latest TSYS U.S. Consumer Payment Study...
Many people may be familiar with the name Frank Abagnale. Played by Leonardo DiCaprio in the 2002 movie Catch Me If You Can, Abagnale has worked with the FBI for over four decades and advised hundreds of corporations and government...
When you realize your credit card number has been compromised and someone is out there spending money under your name, it’s one of the worst feelings there is. So Discover’s newest fraud-prevention program is good news for anyone who...
If your security code is rubbed out, contact your credit card issuer and explain them your situation. Most likely you will be offered a replacement card. Your credit card issuer will not provide you with the security code over the phone or via email. That's for your own protection.
At my local bank there was an advertisement that if one enrolls in Alaska airline credit card and spends $1000 in the first 3 months then a travel companion could fly free. Is this still in effect? Does it apply to international trips and 1st class? Does the flight need to be Alaska airlines/ Virgin airlines?
Currently, the Alaska Airlines credit card has the following offer: “Annual companion fare from $121 ($99, plus taxes and fees from $22) after you make $1,000 or more in purchases within the first 90 days of your account opening”. This benefit will qualify for a round-trip coach Companion Fare on Alaska...
I once had the US Airways credit card, then the airlines merged with American Airlines and my card transitioned into the AAdvantage MasterCard with a higher annual fee and without companion pass. I use the card one year and then closed it because I don’t fly with American Airline often. Now I am looking for a credit card without an annual fee. What are my options?
You may like one of the regular travel rewards credit cards offered by major banks. Travel rewards credit cards allow earning miles on all purchases. The cards also have one-time sign up bonuses which may be enough for a domestic flight. There are credit offers without annual fees, the other offers come with rather low...
I had the US Airways MasterCard back in 2013 but had to close it because I got divorced and had some troubles with keeping up with my credit cards fees. I’m back on track now and would like to apply for this card again but can’t seem to find it anywhere. Can you help?
The US Airways Premier World MasterCard is no longer offered. US Airways removed their credit card after merging with American Airlines. Today you can apply for one of the AAdvantage credit cards offered by Citi or for a regular travel rewards credit card. Both types of credit cards will allow you to earn miles and redeem...