The Future of Credit Cards

Credit cards haven’t changed a whole lot over the years. The largest advancement was the addition of a magnetic dump on the back for swipe payment.

In the very near-future we are going to see some big changes to the credit card.

Advancement 1 – PoweredCards:

This tech is really cool. I imagine that many of the components could improve other items as well.

Advancement 2 – Mobile phones as credit cards:

Google Android will be adding support for near-field communications. This means that Android phones will be able to function as a credit card.

Once Android can do it, I’m fairly certain the iPhone will follow.

Wrap-up

Both of these options can improve credit card security and usability.

The big question is will PoweredCards, mobile phones, or some unknown option become the dominant credit card tech?

My money is on both becoming established, but long-term, phones will win the war because everyone will already have them in their pockets. I wouldn’t be shocked if mobiles replace wallets entirely.

(Source: Engadget)

(Image: Android)

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