For several decades, credit cards encroached on cash as a form of payment. Now, many experts say the same is happening to credit cards, with new forms of payment – such as mobile apps – pushing credit cards aside. Does this mean that both cash and credit cards will be fighting for survival as payment methods?
- obviously there are pluses and minuses of credit cards vs. other payment types
- credit cards – virtually universally accepted; don’t rely on batteries, and will likely be redesigned to be even smaller and more convenient
- mobile payment apps – for generations who live by their phones, payment apps are a natural extension, and payment apps will be increasingly accepted by more stores
- payment apps also have an advantage of lower fees vs. credit cards
- projections by experts indicate credit card use will be stable, but mobile payment apps will take business away from debit cards
- still, all payment methods will likely continue in the near future