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The Lemon smartphone infographic study looks at the likelihood of consumers forgoing cash and credit for the use of mobile payments.
Pew Internet polled technology experts on this matter. According to the study results, 65 percent of respondents agreed that mobile technology will take over by 2020, eliminating the need for cards and cash. Many also disagreed, advising that people will be wary and untrustworthy of such technologies.
A group of 4,200 consumers were polled worldwide to determine the number of people who are currently using their smart-phones for banking. India followed by China are the highest users of mobile banking, while Germany and Canada ranked the lowest.
When consumers were asked what banking tasks they completed most frequently on their smartphones, the survey indicates that the large percentage of consumers download the company app, followed by transferring money between two accounts. The survey also indicates that only a small percentage are depositing cheques or managing investments via mobile.