1. Based on current technological advances, it will take around 5-10 years to fully implement a virtual system. However it will take a longer period of time for people to switch over due to the cost and time to make the switch.
2. It will take that timeframe to fully implement them because of the ongoing integration of Near-Field Communications from the likes of Apple, RIM, Microsoft and Google. Also to develop the system will involve several trials to make sure the security of personal information and duplications are safe with the consumer.
3. People that wouldn't like this method would be people who value physical material because of the more secure nature, prone from hacking and difficult to duplicate or obtain.
4. Companies that would be negatively affected are printing (demand of pritning identification going down), mobile handset companies (increased costs to implement NFC into their devices, lower profit margin) and potentially banks (due to the elimination of physical currency)
5. Companies that will benefit would be Wireless Carriers (providing the data for these transactions to exist), travel industries (convenience and cheaper to operate) and advertising industries (ease of implementing advertisements and generation of awareness and revenue).
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