Most Americans think mobile phone payments will eventually replace cash and cards at the checkout, but few expect it to happen within the next five years, according to a poll from Harris Interactive.
And some day, people may well live on the moon. However, a business case built on either eventuality would seem foolish. Cash, currency and payment cards will continue to dominate in-person consumer payments for the foreseeable future. At the end of the
day, how difficult is it to put your hand in your pocket??
A cashless future is inevitability. If you think that it is more akin to living
on the moon, that's your business. A cashless society has far more advantages for the whole of society than cash to remain in its place. Proper collection of taxes will benefit every sector of society.
Cash theft and its associated violence will be consigned to
history. There will not be any need in future to count money, or count change. Nor will there be a need to securely store and transport cash from one place to another in future. Computer crime and identity theft will always be with us, regardless of cash's
continued existence in our communities. Removing cash eliminates a lot of problems for lots of people.
As long as bank cards remain the funding method - and I haven't seen any report claiming the death of cards in that role - does it really matter whether the plastic form factor of cards is replaced by a sticker or key fob or QR code or NFC? I think it's
high time we deferred all this airtime for mobile payments to the day when they run on their own rails without needing banks and the card accounts maintained by banks. Not sure whether that day will come in my lifetime, though.
© Finextra Research 2016