Credit cards likely to go into oblivion in the near... - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Credit cards likely to go into oblivion in the near future

Credit cards likely to go into oblivion in the near future

Credit cards likely to go into oblivion in the near future
The content is accurate at the time of publication and is subject to change.
This content is not provided by Citi. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by the Citi.

Credit cards are likely to go into oblivion very soon as the end is near. With all the technological advances that we have made with the iPhone, Droid, and Blackberry phones that are used to buy a hotdog or have a Starbucks latte etc, the credit card for sure is on its way out.One might not think twice to pay at the cash register using their cell phones instead of reaching for the credit card.

Michael Abbott, CEO, Isis – a new mobile payment network has stated that the credit card hasn’t changed much since the age of vinyl records and he feels that the time has come to make the shift from plastic age to the digital age.

Companies have already been experimenting with the contactless mobile payments for many years. 2011 is the year when technological advances would be made as per expectations, when the latest technology takes off.This is due to the fact that millions of contactless phones are likely to be shipped out in 2011.

It is expected that the pay-by-phone method will reach around $22 billion in transactions by the year 2015, which is up from none last year, according to reports by the Aite Group, a research firm.

George Peabody, Director, Mercator Advisory Group was quoted as saying that mobile payment would get really interesting as a lot of activity is expected this year.It would bring about a revolutionary change as more and more people are expected to leave their homes without their wallets.

But this switchover will not happen overnight, stated Jane Cloninger, Edgar Dunn & Co, a consulting firm that specializes in financial payments and services.

She stated that the mobile wallet will certainly replace the plastic eventually but it will take time as consumers will take a longer time than expected to make the switch.But at this stage, she feels that the momentum is there to take things forward and it would certainly move beyond the trial runs and into reality.

Most of the company majors such as MasterCard, Visa, Google, Bank of America, U.S. Bank and Citi are all testing these contactless phones and it is expected to roll out this year.

This year 2011, is expected to be a dynamic and an exciting year with contactless mobile payments hitting the scene, and all the players will position themselves in different ways; that would redefine the world of digital payments.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Chase Freedom Categories for January Unveiled

Posted: December 17, 2018

With the Chase Freedom credit people earn 5% cash back in three bonus areas per quarter, and they have just announced the offerings for the next quarter. Cardholders will earn enhanced rewards when they pull up to the gas station, make ... Continue reading
Get 100,000 Bonus Points with the Radisson Rewards Premier Visa Signature

Posted: December 14, 2018

If you have been thinking about getting the Radisson Rewards Premier Visa Signature credit card, now might be the time to take another look because it now comes with 100,000 bonus points. This is a limited time offer, which is in play from ... Continue reading
Minor League Baseball and Allegiant Airlines Partner Up

Posted: December 13, 2018

Allegiant Airline and Minor League Baseball have inked a deal paving the way for a credit card partnership, one giving fans a credit card that reflects their fandom in terms of rewards whether they are traveling or catching a game. When ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the Miles you've earned at the end of your first year, automatically. For example, if you earn 30,000 Miles, you get 60,000 Miles. That's $600 towards travel!
For Excellent, Good Credit
Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay
For Excellent, Good Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!