Credit Card Trends Point to More Mobility
Emerging Trends in Credit Card Technology
Aside from all the big election news this week, a couple of smaller items popping up in the newsfeeds on the mobile credit card trends toward a rapidly changing landscape there too, one where mobile payments are even more common.
Google’s Potential Entry into Credit Cards
First, Google let slip potential plans for a “Google Credit Card,” to go with their Google Wallet, an idea that appeared in a leaked Android app. According to PC Mag, the card will evidently sync with the user’s online accounts, where it will in turn be charged to already-synched “real” credit cards as the default means of payment.
The Flexibility of Mobile Payments
A shopper, using their smartphone, can embark on a shopping spree with the Google card and, simultaneously, switch the card or account for charging the purchases. Essentially, this means they have the option to use a single card while distributing the payments across multiple accounts.
The Future of Google Wallet
Google wouldn’t confirm such a card was in the works, however, the idea would be that the “card” could be used in places not set up to directly accept payments from the Google wallet. And while the distinction between the two may be blurry, it points to consumers who will be increasingly cash-less, and increasingly expect ease-of-payment from the merchants they patronize.
MasterCard’s Innovative Display Card
Meanwhile, the same week, Gizmodo reported on MasterCard’s trial use of their new Display Card, in Singapore.
A Card with LCD and Touchscreen Keypad
It’s a card that comes with LCD and touchscreen keypad — of all things — allowing users to generate a password by way of extra security.
MasterCard’s Vision for the Future
MasterCard allowed that the card could eventually incorporate additional functionalities, such as getting real-time info on account balances, reward points, transactions, etc.
Convergence of Technology
In other words, then, Google is working on phones that work just like credit cards, and MasterCard has previewed a card that, increasingly, can work like a small phone.
Preparing for the Intersection of Technologies
At some point, they’ll meet in the middle, but right now, you need to be ready for on-the-spot processing, to make sure you’re security compliant, and to get ready for the “new year” — the one your customers are already embracing — that lies ahead.
