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By Joseph Kenny
It is possible that this innovation in credit card use will quickly become a norm. It seems that this new system would be the next logical step in credit card history. In addition, it could represent a leap as big as the move from the old mechanical credit card machines to the electronic card readers.
Statistics from MasterCard indicate that a credit card use is fast becoming peoples preferred payment method. Eighty percent of the people they surveyed gave the opinion that debit cards were far more convenient than cash payments. Nearly 65%, also said that they felt secure, using a debit card over cash.
The government, the taxman and the credit card companies have long been in favor of a cashless society where all payments are made with plastic. It seems now even the public now agree that this may be the way to go.
There are a few institutions already dipping their financial toes into this water. Some retailers will now accept payments of under 10 from customers who only have to touch the reader with their card to have the cash debited from their accounts.
These new generation of debit and credit cards could replace all cash, credit and debit transactions. One Pulse is a card from Barclaycard, which it is marketed as a three in one card system.
However, it may indicate the future of all credit cards, its a card that can be used as a traditional credit card, and it can be used on the London underground as an Oyster card. And lastly, as a “wave and go” card for items under 10.
The attraction for shops, is that a card like this will allow much faster payments, as the teller does not have too give change or process, a credit card payment. For the shopper one card buys all, eliminating the use of multiple credit cards or carrying large amounts of cash.
MasterCards, in the strongest position at the moment with the card already used in 20 countries by 17 million people. Using PayPass credit card holders simply touch the card onto the electronic reader and away they go.
There will be several versions of these cards first, a traditional credit card. The wave and go option, added to it. A gift card that has to be paid in advance and then is usually given as a present for perhaps a birthday, or possibly as a replacement for a child’s traditional pocket money.
There will be regular prepaid versions of the card that require an upfront deposit to activate the card and can then be topped up as needed, either in cash or by electronic transfer.
There is a debit version that withdraws money directly from the cardholders bank account in the same way a traditional debit card works.
The eventual aim of these cards is to combine all payments into one place.
It is thought that in the end the traditional wallet will disappear replaced by a slim credit card holder for your one or two credit cards that will work in combination, to provide many payment options.
It is also believed that these cards may only last a few years, and then be replaced by a couple of other options. There are currently a new generation of cell phones in development that will allow you to use your phone as a credit card. It is not science fiction the system is already being used in Japan.
Over in the US people have been paying for goods with only their fingerprints for last five years.
About the Author: Joe Kenny writes for Credit Cards Web, offering
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