How are Credit Cards in the Future. It used to be embarrassing to buy a packet of gum or another small purchase with a credit card. No longer. It is common to see people withdraw credit cards to buy something for $5 or less when they don’t have cash.
Small purchases are only the beginning of where credit card usage will work. By slowly changing cash because more people use credit cards than ever before, credit cards are used in new ways and the technology behind them is updated in a way that makes the future of credit card use more extensive and innovative.
Here are some ways credit cards can function in the future:
A society that is truly without cash
Everything you buy in the future may be able to be purchased with some kind of credit or debit card, cellphone wallet, cash sharing application or cryptocurrency. Credit cards are probably the least sexy of the card, but are more widely used than before.
The number of credit card accounts rose 2.6 percent in 2017 to 416 million, and nearly 175 million people have access to at least one credit card, according to a report by TransUnion.
A large number of people who use credit cards may not completely eliminate the need for cash, but that is a sign that more people use credit than cash for everyday purchases.
Control credit cards from your mobileMore banks add features to phone applications that allow credit and debit cards to be controlled by an application.
Cardholders can turn cards on and off, limit the amount they can spend, where they can shop and report lost or stolen cards to help prevent credit card fraud.
Using the on / off switch on a mobile application can be a smart way to prevent credit card fraud. Turn on the card just before you use it and turn it off after the purchase is made.
Wells Fargo is slowly launching the Control Tower application feature that allows users to manage their cards and expenses. Besides that, it also tracks recurring payments such as subscription services. If you have ever changed your credit card number and forgotten whether Dollar Shave Club, Netflix, or other subscription services are paid automatically through cards, the application will be an easy way to see where your recurring payments are going.
Tap-and-go transportationInstead of buying subway tickets on the machine, ticket counters or reloading money to the transit card, passengers can tap credit cards at the ticket turnstiles to pass through the gate.
Transport for London has offered tap-and-go technology without contact with MasterCard. They have announced that they will establish contactless acceptance as the 2020 standard throughout Europe.
In London, contactless cards can be used to pay for subways, buses and several train trips without having to load the transit card first. Maybe a car without a driver too someday?
Leave a credit card with a cellphone walletIf payment without contact with a credit card is possible, why not just use your smartphone for the same payment?
Non-contact payments use Near Field Communication, or NFC, and NFC chips installed on your cellphone and applications from your bank. You can make your cellphone replace your credit card as a non-contact payment system.
You can leave a credit card at home. That will make the trip much lighter.
Universal cardThe idea of a universal credit card as one card for all devices, has not gone well. Coin companies failed in 2017 after four years trying to achieve the best results – where the idea is still possible.
The idea is that the magnetic stripe on one card will store all the data from all your credit cards. You choose which one you want to use at the checkout through your data app and interesting card.
Pay friends with a credit cardPaying a friend for your drink or dinner can be a little tricky without cash, but it’s not impossible.
Venmo, PayPal, and other people-to-person applications, called P2P, allow people to pay each other. One day a credit card can also be a two-way device between individuals.
Technology is constantly changing, so before paying Coin or another startup for a new gadget, you might want to start using the credit card services offered by your bank – and only those that are free. There is no point in using an updated credit card feature if you have to pay extra for them and maybe add more debt. https://bit.ly/2Gyhr7n