• Wed. Oct 27th, 2021

From plastic to the idea: the evolution of the credit and debit card


May 6, 2021

There are over 163 million payment cards in circulation in the UK alone, including credit, debit and b2b cards. Since their creation in the 1950s, they continue to be one of the preferred payment methods globally, although not primarily due to their ability to protect consumers who can be covered in all transactions they do not recognize or for goods and services that do not meet the terms of purchase. Cards are also evolving, becoming contactless (in the UK, 86% of cards are enabled for such transactions) and dematerializing within digital wallets, accelerating the transition as an indirect and direct consequence of the pandemic. development of innovative payment systems such as Apple Pay, Klarna, Stripe and Amazon Pay. Ame Stuart, Expert in Digital Banking, FinTech, Retail Banking for Capgemini has traced an interesting itinerary in the future prospects of this payment instrument. Starting with its migration to mobile phones, with all the app-controlled features that this entails. An option that offers cardholders greater flexibility in different environments, as well as allowing them a personalized and continuous management through options such as changing the PIN, changing spending limits and blocking their use. In their new invisible and digital guise, cards connect us for daily transactions through peer-to-peer sharing, in the form of mobile wallets and even in cryptocurrency. Another interesting perspective is that connected to payments with bots and AI assistants such as Google Now, Amazon Echo and Siri that are already starting to be used to make payments especially related to ecommerce: social media giants like Facebook are working directly in this area. Telegram has just been enriched with an update in this sense: the creator of the platform Pavel Durov said: “Imagine a world where you can order a pizza, pay for a pair of shoes, rent a car or top up your card by simply clicking a few buttons on Telegram “. The operation will be very simple and to practice Shop Bot allows you to test the function without paying anything. Currently, the infrastructure that will handle most of the payments is Stripe but RazorPay, FlutterWave and PaymentWall will soon be involved as well. One thing is certain: the issue of sustainability and environmental protection is also central to the world of cards and plastic will have to disappear. In fact, cards are starting to be produced using more sustainable materials, also because the plastic used to manufacture the cards every year is equivalent to the weight of 150 Boeing 747 aircraft. a grain of rice and can be implanted in various wearable objects such as rings, bracelets and watches which, in turn, are becoming payment devices making the paper object more and more a flexible concept, an idea of ​​relationship.