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Why Your Children Won't Use Debit or Credit Cards

Girl hatTechnology is changing the way we make payments at a ridiculous rate. Think how easy it is now to shop via you online accounts Amazon, iTunes, supermarkets etc. Now take a look at the chart below, courtesy of BI Intelligence, that demonstrates how many users have chosen to store their payment cards electronically.

Payment Cards On File


Aside from the staggering numbers, what is more interesting is the rate of growth of these users and the projections. The press are reporting that Apple are teaming up with card providers to offer payment services through your phone. Near Field Censors (NFC) have been round for a while but they are just taking off and are similar to the "Tap and Go" Contactless payment systems found in most debit and credit cards or in Oyster travel passes.

Although NFC technology is available with a number of (Android) phones on the market, it will take Apple to turn it into a mainstream payment alternative through their control of hardware and software - in much the same way they have with other markets. This will force retailers to offer the technology that is currently not broadly available. Combining NFC with finger print reading technology now found in the latest generation of smartphones will mean that any purchase will be able to be made simply by tapping the smartphone against a reader. No card to pull out, no password or PIN to enter. What do you think your children will be doing? 




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