The mobile payment system and a future where physical currency is no longer needed will eventually come. However quick this future may come, it still has a lot of hurls to clear before it can be widely accepted. While the majority of the world is embracing the use of near field communication (NFC) technology, some area’s in the world have embraced it less so and has kept on using long existing payment options like debt cards, credit cards, and physical cash. While this is not that big of a deal, it deals more harm than good. If there is not a strong push in these areas of the world (looking at you America), then the adoption rate and the advancement of technology in this field will be slow. For example, there has been a big push within all industries to adopt cloud based technologies. While it is great to see the industry moving forward, the resistance to change long standing methods reduces the potential of these new technologies. Only with the increase in demand of cashless and cardless payment methods can we advance the current state of financial payment methods to the next level.
Reference:
https://www.forbes.com/sites/techonomy/2014/01/23/cash-is-trash-the-future-of-mobile-payment/2/#5697b22a7d44