According to a new survey from Oracle, entitled Opportunity Calling: The Future of Mobile Communications, 31 percent of respondents said they expect to use their smartphone instead of conventional payment methods to take on credit card debt by 2015. In addition, 58 percent of consumers said they would prefer to do this within a few years.
But with the increased demand for convenience of payment come concerns about privacy, the survey found. While 61 percent of consumers said they would at least try taking on credit card debt with their smartphone, only 33 percent liked the idea of receiving targeted advertisements using information culled from those purchases.
Several banks, such as Visa and Bank of America, are already testing payment methods that allow consumers to take on credit card debt through their smartphones in major cities across the country.