NFC Set to Replace Cash Payments by 2016 Claims PayPal Survey

A recent survey says that in next five years consumers will be able to make payment for everything available on high street through their mobile phones.

The survey was conducted by Forrester and commissioned by PayPal in which it was found that "2016 will be the year when UK shoppers will be able to use their mobile phones to pay for things on the high street with digital money rather than cash, cheques or cards", reported The Telegraph.

The survey is based on the interviews of 10 senior executives from major businesses located and operating in UK which represents the "combined 2010 turnover of £85 billion."

The survey also revealed that almost 50 percent of mobile users buy something through the mobile device in every three months and in the coming years more and more devices will be joining in.

The number of online retailers who are providing the facility of PayPal is increasing along with credit cards facility, and also eBay soon will be opening a shop to encourage visitors to make payment for products via mobile phones and avoid conventional methods.

On these developments Managing Director of PayPal UK, Carl Scheible, said, "We'll see a huge change over the next few years in the way we shop and pay for things. By 2016, you'll be able to leave your wallet at home and use your mobile as the 21st century digital wallet." Telegraph reported.