Have you ever pondered about what the credit cards of the future will look like? We all most probably have and there is some creativity and innovation going on in the credit card industry that is yet to be revealed for us and will have a great effect on the coming years. Right now we simply swipe the credits card in the swipe machine on cash counters but the coming years will hopefully see a drastic change in the way credit cards of the future will be used.
Innovations from other industries don’t make huge jumps quickly, they usually take time. So is it with credit card industry as it is linked with many security and technical aspects and needs time. There are some industries though which are making fast and new innovations having different impact on other industries. Below we will list some points that will advise you how to benefit most from the new technologies and examine some of the trends.
Is your mobile phone a new form of credit card?
Visa and MasterCard have both announced that users can make payments from their credit cards in a “card-less” way using their mobile phones by “tapping” on the cash counters. Visa company said that they will work with app makers and store card date on their servers, which will make costumers use their phones for payments at the cash registers. MasterCard disclosed that they have partnered with Capital One to create an almost same technology which will be called Host Card Emulation. Both the companies will use the Android Operating system to get this new technology to be secure enough to protect customer information.
The new technology hence means that now customers will tap their phones rather than swiping their credit cards like they used to earlier.
A question to be raised here is that will this technology of having your account data on your phone be accepted by users worldwide? Yes, it the most apparent answer. every new technology or advancement gets complains and raise problems in the start but soon everyone just starts following it and it gets accepted by all. We as the users or as we can say consumers just need to be sure that this new advancement in credit card industry doesn’t harm our finances and account balance.
Is it possible that the credit card of the future is a multi-card?
Having your account information in your mobile phone seems really easy and quick access but it would be more convenient if we could have all our accounts at one place. This is no longer impossible, as “Coin” has already landed. Coin is a new form of credit card that stores your multiple account information from various accounts into a single card. You will no doubt get a lighter wallet in this way and the company assures safety of your accounts. This advancement is still vey new and will take time for majority of users and consumers to start adopting it. With the advent of Coin all other companies will start working on this invention just out of competition in the market and soon all users will get access to this easy to go Multi Card.
Will the credit card of the future get you into debt or not?
Innovation and advancement in technology is always good for consumers as things become easier. But If this new invention makes it easier to use credit cards as you’ll have it everywhere you go, it might also put you into debt. We now need to be even more careful and make sure no one puts us all up in a trap.
Here are some tips on how to stay safe from the credit card of the future:
1. If you feel too much attracted towards the card don’t use it:
You might want to buy a lot of stuff thinking you have a credit card and you might just pay it back to the bank later. DON’T do it. Try to use cash as much as possible and stick to your monthly budget.
2. Evaluate your brain and its thinking towards spending money:
People usually have low incomes but likes to spend a lot of money because it makes them happy. This mindset gets them into debt. Re evaluate your mind and think deeply of what you need and what you just want.
3. Make plans to stay out of debt:
If you are under debt currently, make an ambition to get out of it as soon as possible. if you’re under debt and keep on going under more you’ll have a very hard time coming back. So say NO to debt.
No one knows what the credit card of the future brings. But, if we are careful and know how to manage our credit we can stay safe and away from debt.