CARD PAYMENTS
users around new technologies and facilitate change around existing habits .
“ Finally , there ’ s always work to do to build trust when we ’ re discussing new technologies around payments . How can we demonstrate the new tech is safe and secure to build that trust ? The combination of all three of these factors always takes time on a populationwide scale .”
Despite these immediate obstacles , our experts still believe the future looks promising for the card payments sector . “ In 10 years , card payments will be faster , safer and more digital ,” predicts Dr Stephen Whitehouse . “ Picture biometrics replacing PINs , digital wallets becoming the norm , and plastic cards dwindling – but persisting in tech-limited regions . Expect a digital-first , security-focused and highly convenient payment world .”
Pat Phelan continues : “ We expect to see card payments decline relative to bank-based payments . As consumers and businesses , we hold most of our money in our bank account , and as technology continues to make it easier to move money directly from one account to another , we ’ ll all realise the benefits – namely , cheaper , faster and more secure payments .
“ We ’ re not the only ones who believe this . Just look at the number of card players that are wading into this space ; Visa and Mastercard are both , for example , exploring opportunities in bank payments . Over time , it ’ s likely that others in the card ecosystem will develop some kind of bank payment proposition .
“ From a consumer perspective , the built-in security and convenience of bank payments will drive further adoption . We ’ re already seeing a move away from physical cards , and this will continue .”
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