Recently there was an article in the Australian Financial Review about the demise of credit cards. We have been reading and hearing from different sources over the past few months about new technology being implemented in certain stores and locations in the United States. It is now coming to our shores.
While credit cards may be utilised less and less over time, it will not spell the end of the big three card companies – Visa, MasterCard and American Express. In fact, quite the opposite. The big three card providers (along with PayPal) have all been involved in the evolution of the payment system. This will be the future of shopping.
In the future, we will all be using our mobile phones to pay just by swiping the cash register. Of course, security will be at the top of the critical list of things to get right with this system. Some smartphones have already started to install this technology with Google’s Android operating system.
While consumers have a more efficient way to pay in the future, we would also like to see this as a long-term investment opportunity in the companies involved in the payment evolution. Companies such as Google, Apple, credit card providers and eBay are at the forefront of this change and we follow them constantly as leaders in this charge to make our lives more efficient.
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