Participants in an online survey reveal that they believe a cashless future is on the way.

Harris Interactive has released the results of its most recent survey, which has indicated that among adults in the United States, well over half believe that mobile payments will replace both cash and credit card based transactions at some point down the road.

Over 30 percent of the respondents said that the replacement would occur in five years from now.

The survey was performed online from November 14 through 19, with the participation of 2,383 respondents. Each were adults and they all lived in the U.S. When asked about the replacement of credit cards with mobile payments, the 66 percent believed that this would one day occur. That said, only 32 percent of the participants felt that this would occur within the next half decade.

The mobile payments survey also looked into the replacement of cash with smartphones.

The results of the poll showed that the participants felt nearly the same way about cash as they did about credit cards in terms of their replacement by mobile payments technology. In fact, 61 percent of the respondents said that they felt that one day, we would no longer use cash because of our smartphone devices. However, only 26 percent believed that this will have happened in five years’ time.

The survey findings identified several different reasons that can explain the hesitation that consumers have regarding the use of mobile payments transactions. These can help to explain why adoption of the technology has been as slow as it has.

The survey presented the participants with a number of different reasons from which they could choose, in order to explain why they would hesitate to use mobile payments for making purchases. The answers included – but are not limited to – the following:

• Over half (52 percent) are content with their credit cards and/or cash so they don’t see a need to change.
• 51 percent expressed concerns over mobile security in terms of financial and private data.
• Half didn’t own a smartphone.
• 40 percent didn’t trust the security of entering mobile payments information into a merchant’s device.

Koozoo developing new service that could revolutionize geo-marketing

Koozoo, a start-up based in San Francisco, California, has received $2.5 million in seed funding that will help it continue developing an ambitious project that could change the face of geo-marketing and online search. Advertisers are becoming increasingly interested in using geographic information to target consumers. This information can go a long way in developing marketing campaigns that have a strong impact on certain demographics. Koozoo may be able to help revolutionize geo-marketing by tapping into consumers to provide their geographic information in the form of videos.

Platform turns smart phones into live streaming devices

Koozoo aims to provide live video information to consumers, which is produced by consumers themselves. In a sense,  the company is working to develop a platform where people can provide geographic information in a very dynamic fashion. This information could be something simple, such as the length of a line at a local restaurant, or more complex, such as whether a particular store is open and what deals they are offering that day.

Video feed could provide information on local stores and other attractions

The Koozoo platform can turn a smart phone into a live video feed, with the approval of their owners, of course. The idea is that consumers can use the platform to provide access to visual information that could influence traffic to physical locations, such as restaurants, stores, and beaches. This information can be freely accessed through a mobile application, which will display a live video feed. Koozoo users can turn off the streaming service whenever they choose. If Koozoo can establish an extensive network, it may be able to provide constant video information to consumers at all times of the day.

Advertisers could benefit from Koozoo

Geo-marketing is not exactly a new concept to the world of advertising. Marketers have long used geographic information to target consumers, but the tools they have access to are beginning to evolve with the advance of technology. Koozoo’s service is not designed solely with marketers in mind, but advertisers could stand to benefit from the platform if it proves popular among consumers and other early adopters.