CREDIT CARDS : EVOLVING INTO DIGITAL PLATFORMS
In the US , the focus is more on capital and protecting capital . The Confucian model is very different – it puts the benefit of society and the whole construct ahead of individual needs .
Q . WHAT IS YOUR VISION FOR THE FUTURE OF CONSUMER PAYMENTS ? It ’ s a matter of when , not if , consumers will get what they want from brands without the payment context being surfaced . This will be coupled with increasingly modern , smart , technologically supported , AI-powered ways to assess customer creditworthiness at the moment of purchase . I think this is where the future of solutions that today exist under buy now , pay later is heading . It ’ s about increasing convenience to the level where payment doesn ’ t really exist , whilst increasing the utility of the buyer by providing contextual funding when available funds don ’ t support a particular purchase .
The evolution of credit cards into digital platforms is not merely about convenience ; it ’ s about creating a more interactive and value-driven user experience .
Earlier this year , Marcin joined FinTech Magazine to discuss how credit cards are evolving into digital platforms .
He says : “ Modern payment cards are not only faster to market but offer the potential to provide considerable added value beyond basic transactional functions . Digital cards offer the potential for personalisation , interactivity , social engagement and so much more .”
The success of social media platforms largely inspires this transformation . As Marcin points out : “ To facilitate this transformation , digital card providers could learn a lot from social media platforms .”
The integration of social features into payment apps could create a more engaging ecosystem where users can interact , share experiences and even collaborate on financial matters .
One of the key innovations in this space is the concept of the payment card as a digital ‘ homepage ’.
“ Many retail brands are beginning to use the payment card as the new ‘ homepage ’ of the digital experience , offering a personalised and accessible connection point for customers ,” Marcin explains .
This approach allows for a deeper level of engagement and brand loyalty , even in cases where the financial product is provided by a third party .
fintechmagazine . com 39