A new study conducted by the Pew Research Center’s Internet & American Life Project and Elon University’s Imagining the Internet Center revealed that the majority of survey respondents believe swiping mobile phones could replace cash and credit cards both online and in stores by smartphone and tablet users within the next decade. The study was conducted among a non-random sample of 1,021 technology stakeholders and critics in the mobile payments industry, from executives and Google and Microsoft to professors at distinguished universities nationwide.

About 65% of respondents said they believe that by 2020 most consumers will have embraced and fully adopted the use of smart-device swiping for purchases they make, nearly eliminating the need for cash or credit cards. They also agreed that people trust and rely on personal hardware and software for transactions, and cash and credit cards will have mostly disappeared from many of the transactions that occur in advanced countries. However, about 33% said they do not trust devices with Near Field Communications technology (NFC) that allow users to swipe their phones to make a payment at checkout and believe mobile payments will not gain a lot of traction by 2020.

But not all experts were optimistic about the progression: “As much as I’d like to see a money-free world, I’m afraid the opportunities for the hackers and pirates are too great,” said one respondent. “I’m happy to buy my $2 Starbucks using my Android but I don’t know that we will ever feel secure enough to make much larger purchases that way.”