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The End Is Near…For Credit Cards

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the end is near for credit cards

Hopefully you like those smart phones, because by the end of the year, you'll probably be using them instead of credit cards.

Here's what Michael Abbott, the CEO of mobile payment network Isis had to say about the new technology:

"Your plastic card hasn't changed since the age of the vinyl records. This is the chance to bring payments forward from the plastic age and the vinyl records age to the digital age."

More on the subject from Mercator Advisory Group's director of emerging technologies George Peabody:

"Mobile payment is going to get really interesting and is going to see a lot of activity in 2011. We're going to start seeing more and more people leaving their homes without their wallets."

And more from Edgar Dunn & Co. consulting firm director Jane Cloninger:

"I definitely believe that the mobile wallet will eventually replace the plastic card — but it's going to take some time because consumer habits take a long time to change. But where before it's been a lot of discussion, we're at the point now where you're going to start seeing momentum toward it and going to see it move beyond the trials and into reality."

And here's what Bank of America's senior vp of online and mobile banking Michael Upton had to say about it:

"2011 is going to be a very exciting, very dynamic year when it comes to mobile payments because it's the Wild West again, with all these players positioning in various different ways to redefine the digital payments landscape."

But will this technology stop at mobile payments? More from Isis' Michael Abbott:

"[Payment] is where we're going to start, but where it goes is wide open to the innovation of other players who want to be involved."

We def don't mind using our credit cards, but it'll be inneresting to see if they do in fact start to fade away by the end of the year.

Team credit cards or Team mobile payments?

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34 comments to “The End Is Near…For Credit Cards”



  1. 1

    What if I'm 21 years old and can't afford a smartphone data package? And what if I don't want my credit card information on my phone for someone to steal? I want my money and my phone separate, period.



  2. 2

    This story was run on CNN a WEEK ago — you hack



  3. 3

    I hate cell phones. and I refuse to buy one just to use my credit cards. I am sure I am not the only one.



  4. 4

    FUCKINg STUPID. NOT EVERYONE ONE WANTS A SMART PHONE AND THIS IS JUST ANOTHER WAY TO GET EASILY HACKED.



  5. 5

    Re: Novel1 – Perez always copies other sources. And quite late, at that.



  6. 6

    Don't have a smart phone, don't want one (and also don't want to pay for the plan) and I would never use a phone anyway to pay for stuff. Way too easily to get your information stolen.



  7. 7

    credit cards ain't going anywhere anytime soon. More and more people may start using smart phone by the end of the year, but there will be a shitload of people still using plastic for years. It takes a long time phase everyone out of one thing and get them switched over to another. And credit cards most certainly have changed. Forever they were stamped through on a manual carbon punch before they became electronic.
    Re: notmemaw – I hate cell phones also. I want to get rid of mine. I don't want to be called when I'm driving or on my walk or at the store. Unfortunately, if you have one and don't answer, people start getting weirded out. They are a fucking nuisance.



  8. 8

    Doesn't sound very safe.



  9. 9

    I love the idea
    Credit cards are a lot easier to steal then a smartphone being hacked



  10. 10

    Yeah…very smart to put all your data on a phone… then your phone drops in the toilet…and you aint gonna have a lunch… unless you buy another phone….and you have to block everything….what if it bugs…or if it falls, or u get mugged… etc etc…..

    A real evolution would be fingerprint credit…. but even for that not everyone has all the fingers…. so… the credit card aint gonna vanish that soon…..

    next super invention is goin to be Anal ATM ….. have your money anywhere anytime…. (not anywhere or anytime , but thats a good marketing)… shitting …not a dull moment anymore….



  11. 11

    HAHA, THE END OF WI-FI. WHO WANTS TO GET THEIR FINANCIAL INFO HACKED… STUPID TO USE IT IN THE FIRST PLACE CUZ UR TOO DAMN CHEAP TO PAY FOR A PLAN.



  12. 12

    No thank you, this makes me totally uncomfortable. I love my phone, but don't want anything overly personal on it (just as one doesn't want nudes on their phone because they might get leaked out there, why would I want my money on there?) I actually don't go to the Apple Store any more because I don't like how they run my credit card through their phones. I know it's just technology and I'm being old school, oh well.



  13. 13

    So now if someone steals your phone they can charge up a storm??? Really, one should have NOTHING to do with the other!



  14. 14

    No Way, this sounds as bad as Obama's plan to give everyone an internet ID just like your social security number in order to access the web. Someone who then hacks your smart phone or Internet ID could do more damage than someone stealing one credit card. Technology is good for certain things but not for financial transactions especially when you have 15-16 year old hackers who can outsmart the U.S. governments computer security!



  15. 15

    What if you lose your phone?? And what if you have no cash to get home?



  16. 16

    Re: Gaidzak

    if your constipated you buy anything till you ass loosens up, let alone the banks. And if you go the other problem you loose everything. LOL



  17. 17

    TEAM MOBILE PAYMENTS! This is going to be great! I can't wait for the day there is increased competition in this market. It will drive down credit card fees and interest payments. If this really happens it will be the best thing EVER!



  18. 18

    Re: Tracy1989 – You can call and cancel your cards if they are stolen. How the hell're you gonna make it so someone can't go in your phone??



  19. 19

    What group of suit wearing assholes came up with this idea?!?!?!?! Technology is OUT OF CONTROL!!!!!!!!!!



  20. 20

    This could and probably would be a hacker's wet dream.



  21. 21

    i doubt credit cards will die soon. not everybody can afford smartphones and there package, nor does everyone want to use them.



  22. 22

    TEAM CREDIT
    TEAM PHONE HAS NO BARS AND DROPS CALLS!
    Stick to the plastic.



  23. 23

    This won't happen by the end of the year, idiot. The US doesn't even use chip and pin "technology" yet. They still have the old fashioned swiping of the credit card.



  24. 24

    Nonsense. These people are paid to troll and hype their own technology on order to make people feel like they have to get the next greatest thing. CC's aren't going anywhere. We will not be forced to spend money on a phone in order to spend money. That's simply not going to happen. Ever.



  25. 25

    Perez man, yoiu've gotta stop this. You put up thes declarative statements like they are fact, then go on to give evidence of it with the opinion of like one person. Dude, you're very mis-leading.



  26. 26

    Already got this introduced where I live - United Arab Emirates - and it SUCKS. It takes about ten times longer than using a credit card, and you have to re-do it about three times as it ALWAYS fails the first. Stick with the credit card, America - you'll regret it if you switch.



  27. 27

    Team CASH. I don't like my purchases being trended or tracked.



  28. 28

    The Word Is "INTERESTING" Not "INNERESTING"



  29. 29

    yea..more and more people leaving home without their wallets.. and more and more thefts of cell phones. Im sorry but this is a stupid idea. Having a seperate card for payment then your phone seems safe. If i lose my phone, i lose everything not to mention itll cost at least 100+ dollars to replace it… wgeb a credit card replacement is free. Id rather not depend on one device to house my entire life.



  30. 30

    I'm 18 years old and I lose way too many phones to have that kind of information on it.



  31. 31

    its called cash, am i the only one that still uses it?



  32. 32

    eventually we will not use money, that's what the govt wants. they want to track us to see what we do and wht we spend our money on etc.



  33. 33

    Personally, I don't like this at all. I will not be using a phone for a credit card. I guess this is when I will be credit card free.

  34. L$ says – reply to this


    34

    What most people don't realize that having money on your phone is actually REALLY safe. Your phone has lots of safety features, which make it hard for thieves and hackers to get to. Here is just a few:

    1) Your phone requires a phone password and a PIN for your method of payment (i.e. credit card); Your credit card only has 1 PIN

    2) The data travelling to your phone is encrypted, so it's hard for hackers to read

    3) If you lose your phone, you can go online and have all the data on your phone erased from a remote location in seconds. No need to call the credit card company and wait until a representative can assist you.

    This are just a few reasons why the mobile phone is actually safer payment alternative. But I understand, people fear what they don't understand. Only a short time ago, none of us would be online writing comments on a blog post because someone might "steal" our information. Now we are all doing it, with no worry at all. Mobile payments are the future of payments… we just have to learn to embrace it.