By 2030, Most Transactions Will Be Cashless

By 2030, Most Transactions Will Be Cashless

November 10, 2015         Written By John H. Oldshue

Over half (56%) the experts surveyed in the payments and financial services industry think the United States will be a cashless society by 2030.

A Capital One survey of 151 leaders in these sectors also showed the majority (52%) feel most consumers will secure mobile device payments with fingerprint readers by that date.

Changes in the Next Three to Five Years:

While most respondents believe big data analytics and alternative forms of payment will be significant factors, 19% believe blockchain (which is an online bitcoin wallet) technology will have the greatest impact. Others rate the Internet of Things (17%) or artificial intelligence (9%) as the biggest game changers.

For fraud prevention, the technologies believed to lead the way in innovation are biometrics, such as fingerprinting and iris scans (28%), and tokenization (27%). Blockchain followed at 17%. EMV/chip technology, which has received so much media attention lately, was only cited by 14% of respondents as an important change. Finally, 12% of respondents believe facial recognition will have the largest impact on security.

Seeing Into the Future: 2030

By 2030, most respondents believe transactions will be cashless. How will those transactions be secured? Over half of the respondents believe fingerprint readers will be the dominant security method. Retina scan came in second with 20%, and other choices were password input (9%) or DNA reader (9%).

Other predictions for 2030 include:

  • 22% of respondents believe social media shopping will account for almost half of all holiday sales.
  • P2P platforms like Venom will surpass mobile or online banking for transferring money, according to 13% of respondents.
  • 9% of respondents believe blockchain will become widespread.

Survey respondents included executives from payments and financial services, investment, analyst, media, government, and consulting services, as well as mobile, retail, integrated commerce and marketing services.

The information contained within this article was accurate as of November 10, 2015. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


About John H. Oldshue

John Oldshue is the creator of He worked for over 15 years in television and won an Emmy award for his reporting. He covers credit card rate issues for
View all posts by John H. Oldshue
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