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I think you’re wrong. The credit card system’s days are numbered. In 5 years I think digital wallets will be common in the US, and it won’t be because of anythi
by rufusroflpunch 4y ago
I think you’re wrong. The credit card system’s days are numbered. In 5 years I think digital wallets will be common in the US, and it won’t be because of anything the government did except get out of the way.
- PaulDavisThe1st 4y agoWhat is a credit card if not a kind of digital wallet?
- rufusroflpunch 4y agoI'm referring to a payment network outside of credit card rails entirely.
- PaulDavisThe1st 4y agoSure, but most people don't care about that level of detail. Credit cards are essentially "digital" in the sense that most people care about.
- bobthepanda 4y agoI really doubt it. Credit is a fundamentally different system than debit with different use cases. US credit cards have all sorts of attractions for consumers, like cashback or frequent flyer miles. And they‘re still one of the most accessible ways to build credit score history. Credit cards these days are pretty much usable as digital only; all of mine are addable to Apple or Google Pay, and usable at pretty much any contactless pay terminal.
- astrange 4y agoCredit cards are popular because of government regulation, namely that you have better fraud protection on your credit card than your debit card. If they go away it's because their credit product will be replaced by BNPLs, and transactions with trustworthy stores will move to FedNow to avoid that 3%ish interchange fee.