The end of credit cards is coming


Recommended Posts

NEW YORK (CNNMoney) -- Credit cards may soon be as outdated as vinyl records. (Remember those?) And this is the year that the slow, steady march to oblivion begins.

You can already use your iPhone, Droid or BlackBerry to buy a hotdog at the ballgame, buy your Starbucks latt?, or give a friend a few bucks by Bumping phones. But by the end of the year you may not even think twice about reaching for your phone to pay at the register instead of fumbling for your credit card.

Your plastic card hasn't changed since the age of the vinyl records," said Michael Abbott, CEO of Isis, a new mobile payment network. "This is the chance to bring payments forward from the plastic age and the vinyl records age to the digital age."

While companies have been experimenting with contactless mobile payments for years, 2011 is expected to be the year the technology really takes off. That's because millions of phones capable of making contactless payments are expected to be shipped out in 2011.

As a result, this pay-by-phone market is forecast to make up $22 billion in transactions by 2015, up from "practically none" last year, according to research firm Aite Group.

"Mobile payment is going to get really interesting and is going to see a lot of activity in 2011," said George Peabody, director of emerging technologies at Mercator Advisory Group. "We're going to start seeing more and more people leaving their homes without their wallets."

more

Link to comment
Share on other sites

I dont think credit cards are going to die out.

there will always be someone who wants to use them, and some companies that cant afford to implement phone based contactless payments.

also online stores, probly cant use phone payments, credit cards are probly easier or this anyway.

Link to comment
Share on other sites

So how do I pay my monthly mobile bill with a mobile phone payment? :p

pay it before they cancle it

Link to comment
Share on other sites

What a load of crap. Smartphones are still too expensive for the vast majority of consumers. In the U.S., less than 30% of wireless phone users have a smartphone. Worldwide that number is much smaller (less than 15%). Credit cards will here for another few decades. While I'm sure mobile payments via smartphones will increase, vendors will still be accepting credit cards for a LONG time.

Source

Link to comment
Share on other sites

What a load of crap. Smartphones are still too expensive for the vast majority of consumers. In the U.S., less than 30% of wireless phone users have a smartphone. Worldwide that number is much smaller (less than 15%). Credit cards will here for another few decades. While I'm sure mobile payments via smartphones will increase, vendors will still be accepting credit cards for a LONG time.

Source

+27

From article:

Dude that runs a mobile payment network company says credit cards are dead and mobile payments are the way to go.

NO WAY!!!! :rolleyes:

Link to comment
Share on other sites

Great. So when my phone battery dies I'll REALLY be stranded. Whatever we use as our default payment method has to work in a standalone fashion 100%. You don't need a charged cell phone, smartphone, or anything other than the plastic card to use a CC or the paper to use Currency...

Mobile payments will always be an addendum to the existing payment methods...

Link to comment
Share on other sites

Load of crap....

Complete BS.

Move on guys, this thing ridicules itself, no need to actually flame how utterly crap it is...

I know I did... Don't repeat my sins... :o :shiftyninja:

Glassed Silver:mac

Link to comment
Share on other sites

hmm..To buy an App, I am prompted in app stores to sign in with a Credit Card! (i know i know there are operator billing as well, but my operator billing is also paid via Credit cards!) Its not gonna die soon..

Link to comment
Share on other sites

the media loves to sensationalize everything. just like how no one uses cash anymore, right?

Agreed, it seems now everything gets over-hyped-oversensationalized-over-meh...

Link to comment
Share on other sites

What a load of crap. Smartphones are still too expensive for the vast majority of consumers. In the U.S., less than 30% of wireless phone users have a smartphone. Worldwide that number is much smaller (less than 15%). Credit cards will here for another few decades. While I'm sure mobile payments via smartphones will increase, vendors will still be accepting credit cards for a LONG time.

Source

The issue there is not handset costs, but smartphone plan costs per month. (All of the Big Four US-based wireless carriers have low-handset cost, if not ZERO handset cost, smartphones available today, either online or in-store - in fact, Mom just got a snail-mailing from VZW, her wireless carrier, touting in-store smartphone deals; she currently has two non-smartphones in the same Family Share Plan.) If you have multiple smartphones, they can often come out cheaper in terms of voice usage than having just one, especially if you have a multi-line plan (both AT&T Mobility and VZW charge nothing for mobile-to-mobile calls within their respective networks, for example; at minimum, there is no charge for calls between phones in the same plan) - where the overages come in is data usage, not voice usage, in terms of smartphones. Unlike wired broadband, wireless broadband is still expensive everywhere (that is not unique to North America, let alone the US). The data charge will simply replace the late/ATM fee.

Link to comment
Share on other sites

Here's a better idea: How about we get rid of credit cards and money entirely? Then everyone is debt-free and we call all live happy.

Link to comment
Share on other sites

There's too much money involved with credit cards, so it won't ever end. It's convenient for people, and the companies feed off of the people's mistakes. Pretty good gig.

Link to comment
Share on other sites

We'll soon be using Facebook Credits to pay for everything

Oh gawd no.

Facebook has become too entrenched in our everyday lives as it is. We don't need them taking over payment systems as well. I'm all for digital payment, but it should be some sort of standardized system not controlled by any one corporation.

Of course I could see the public embracing such a thing with open arms... :rolleyes:

Link to comment
Share on other sites

Credit cards will be around for a long while just like TV, radio, and print. The "pay-by-phone" method may become popular but it's limited to customers with smartphones and data plans.

Link to comment
Share on other sites

There's no way this will ever happen unless wireless carriers stop forcing expensive data plans with smartphones.

I haven't upgraded because I don't want to upgrade to three smartphones for my family members and pay all those data fees. Hell no.

If I want to use data on my smartphone, I'll do it via WiFi. If they don't get that, I won't upgrade and I'll get an iPad2 with WiFi for my needs.

Link to comment
Share on other sites

This topic is now closed to further replies.
  • Recently Browsing   0 members

    • No registered users viewing this page.