Friday , July 20 2018
Home / Mercatus Center / Are Credit Cards Becoming Obsolete?

Are Credit Cards Becoming Obsolete?

Summary:
Are credit cards going away in five years in favor of new payment technologies or new ways to transfer funds? Not likely. For most Americans, plastic credit cards are an example of “low tech, good tech.” Mobile wallets and other forms of digital payments compete with plastic credit cards, but adoption rates in the U.S. have been relatively slow, with 45% of respondents in a recent survey saying it’s just easier to pay with a card. Consumers aren’t clamoring for a way to stop using credit cards because they aren’t bulky, there is no battery to charge and they can survive drops and exposure to water. They also can be given to family members to use or their numbers can be read over the phone. Read more: Will There be a Need for Credit Cards in Five Years?

Topics:
Thomas W. Miller, Jr. considers the following as important:

This could be interesting, too:

Emmie Lowes writes Good intentions and the road to hell

Tim Worstall writes Lord Blencathra is only half right here

Tyler Durden writes The World Explained: It’s Simple – Everyone Is Smart… Except Trump

Tyler Durden writes Russian Warship “Carrying 3 Billion In Gold” Discovered Off South Korea

Are credit cards going away in five years in favor of new payment technologies or new ways to transfer funds? Not likely. For most Americans, plastic credit cards are an example of “low tech, good tech.”

Mobile wallets and other forms of digital payments compete with plastic credit cards, but adoption rates in the U.S. have been relatively slow, with 45% of respondents in a recent survey saying it’s just easier to pay with a card. Consumers aren’t clamoring for a way to stop using credit cards because they aren’t bulky, there is no battery to charge and they can survive drops and exposure to water. They also can be given to family members to use or their numbers can be read over the phone.

Read more: Will There be a Need for Credit Cards in Five Years?

Leave a Reply

Your email address will not be published. Required fields are marked *