July 12, 2017 IBOMLLC Team

Credit and Debit Cards are on the verge of extinction

Innov8tiv – Blacks In Technology in USA, UK, Caribbean Islands & Africa

Last week, we featured an article about how Visa is introducing a new mobile commerce (m-commerce). A move informed by the fact that the world is becoming a mobile-first economy, and Africa is leading on this scene.

You only need to look at a recent report by the Communication Authority of Kenya (CA), which states that nine out of ten internet users in Kenya are on a mobile device. In addition to the South Africa Mobile Report 2017 by the Effective Measure and the Interactive Advertising Bureau in South Africa. This report shows a significant increase in the number of South Africans who use their mobile phones to make purchases.

That said, it would be safe to say that credit and debit card payments are well on their way to becoming extinct. As a matter of fact, they could be non-existence by the year 2030. That is according to the forecasts by many digital payments experts.

Thomas Pays, the CEO, and co-founder of i-Pay, instant electronic payment solutions, says that very soon, people will find no need to have credit or debit cards.

The numbers speak for themselves; …read more

Read more here:: Credit and Debit Cards are on the verge of extinction



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