Cash and credit cards 'could be gone by 2020'

It seems like just a matter of time before Australia becomes a cashless society, but some experts are predicting that credit cards will fall by the wayside too.

Many people prefer to use plastic products to pay for goods, as it is far more convenient than carrying a pocketful of money.

However, research conducted by Pew Internet has suggested that all transactions will be completed via mobile phones by 2020 and credit cards will be increasingly rare and outdated.

This may be hard for many people to imagine, but some companies have already launched credit packages that are downloaded straight on to a smartphone.

The organisation asked more than 1,000 technology stakeholders for their views on future payment methods and around 65 per cent said that mobile payments will have taken over in just eight years' time.

Despite this, one-third of the respondents stated that near field communication technology – which enables cashless payments – is still not completely trustworthy and people will remain sceptical of the development.

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