I have been hearing a lot about the “FinTech space”, particularly about credit cards with different interest payment structures and rewards systems. 5-10 years from now, what will the credit card industry look like?
Hey Jconley,
This is a really interesting question. As we’ve seen, the world is getting more and more cashless. I think soon enough, it’s going to get cardless too. We could have digital versions of our cards embedded within our phones (such as in the passbook on iPhones) and physical cards could no longer be issued. I also think that digital payment apps linked to our credit cards, like GooglePay, are going to get increasingly popular (because why would you want the additional hassle of carrying around a credit card). I also believe that with increasing digitization comes a strong cyberthreat. Therefore, credit cards are going to have enhanced safety features and EMV strips for the remaining physical credit cards.
Excited to see how things are going to change!
I agree with sdsharma that digital payments apps will become more popular in the future. This integration with mobile devices will make it easy for people to pay quickly for expenses with a few taps. I think one neat feature is that some credit cards are also offering single use virtual cards for online shopping. Single use cards help protect cardholder information from security breaches, thus reducing the risk of identity theft or credit fraud. It’s interesting to see where things may progress from here, but I can only imagine things becoming more and more mobile.