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12/24/2016

Topic Reading-Vol.1718-12/24/2016

Dear MEL Topic Readers,
The invisible credit card of the future
Barter to currency, and currency to personal credit or debit. Also, metal coins to paper banknotes, and to plastic cards. In stores, the cash register to the bar-code scanner, and soon the microchip reader. How will you be paying or completing your transactions tomorrow, whether instore or online?
It is predicted that all of personal payments and transactions can be integrated into one digital wallet, such as cash, bank accounts, credit or debit cards, or even reward points earned from your purchases. But how? Many smartphones users are already enjoying the convenience of mobile payment platforms like Alipay or Apple Pay. And now credit card issuers are also working on developing wearable devices such as a ring, bracelet or even eye scanner to replace plastic cards they’ve making business of for the last half century.
While the benefits and convenience of new payment methods are going to be enjoyed by consumers, there will be new and serious battles between tech companies and banks because the integration could create a zero-sum game.
Enjoy reading and thinking of benefits, convenience, and also the risk of privacy and security when everything is integrated into one account or device.

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