The 11th Hour for Credit Cards
Credit cards were thought of as the way of the future. Lately however, technology is advancing quickly and consumers require faster and easier ways to purchase more and more items. With the advent of convenience smart phones and mobile payment methods may render the credit card obsolete!
Take for example the New York subway transit system has implemented Near Field Communication (NFC). This technology allows for subway riders to pass their phone near a receiving device and purchase a transit ticket. It is convenient, fast and reduces the number of physical paper tickets that have to be issued.
Why Carry A Credit Card?
Bulging wallets carrying receipts, cards, photos of loved ones and yes, even money, may become obsolete as the smart phone pushes the boundaries of new technology.
Cell phone developers are pulling everyone into the 21st Century and hope to make the humble phone the ‘must have’ device. Everything you ever wanted can be performed by a cell phone… Well almost everything!
Your phone can browse the internet, radio, music, act as a GPS, camera and you can even use it for cash transactions. As this trend continues, the credit cards in your wallet may be replaced by a smart phone.
Digital Currency is on the rise. This is becoming apparent when you consider the rise of online secure payment site such as PayPal who posts now over 230 million accounts. In October 2010 PayPal reported “the company offers mobile apps for iPhone®, Android® and Blackberry®, as well as tools to help developers and merchants build mobile-commerce solutions. PayPal expects more than $700 million in mobile payments to go through its system by the end of 2010.”
With numbers like that and with consumers feeling confident with using digital devices, the credit card could be come the ‘do-do’ of the 21st century. The President of PayPal concurred and says, “We believe that by 2015 digital currency will be accepted everywhere in the US – from your local corner store to Walmart”
He goes on to say that, consumers are increasingly giving up traditional payment methods”. This means cash, checks, credit and debit cards.
AOL Consumer Advisor Latoya Drake, thinks that some consumers are getting a little relaxed in giving out their personal credit card information to get the convenience of easy downloads. She says that, ‘people are getting more and more comfortable giving out that information”. She goes on to say that there are many safeguards in place to ensure that the personal information is kept confidential.
If you happen to be carrying a digital wallet, phone, developers won’t be far behind with apps to help you manage your spending and purchases. Items such as product add-ons, budget management apps and tracking devices will all add up to a multitude of services becoming available for consumers.
Your phone may take over from the plastic in your wallet and your credit cards may slowly be replaced by digital apps and new technologies.
Join the Discussion
We want to hear what you think! Are we living in the final days of physical credit cards or do you believe the digital wallet is not the silver bullet some pundits claim it to be?