Tuesday, January 25, 2011
The End of Credit Cards
CNN says that "the end of credit cards is coming" and it could be as soon as 2015. Mobile payments may soon take over. The ability to use your phone as a credit card is already available. But CNN is convinced that by the end of 2015, 22 billion dollars worth of mobile transactions will be made annually. One downside to mobile transactions in my opinion is what if you lose your cell phone? Of course people lose individual credit cards all the time. But most have multiple cards and options of payment. If everything goes mobile, losing your cell phone will turn out to be a lot more of hassle then just not being able to communicate for several days. The demand for products that save peoples time is always present, but mobile transactions might turn out to have more problems than originally planned. I believe the traditional plastic card will be the choice of payment for many years to come.