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2011 is the begining of the end for the credit card
Monday 24th January, 2011
Experts have said that 2011 will be the beginning of the gradual decline of the credit card, as new technologies make the ubiquitous plastic card antiquated.
In 2010, consumers spent US $16 billion on purchases via their smartphones instead of their credit cards, and market analysts predict that this will increase to US $46 billion, and as much as US $214 billion by 2015.
The iPhone, Droid and Blackberry can now be used to buy a range of products over the counter and can even be used to transfer credit from one phone to another. 2010 was the experimental year and 2011, according to experts will be the year the new technology really takes off.
“Mobile payment is going to get really interesting and is going to see a lot of activity in 2011,” George Peabody, director of emerging technologies at Mercator Advisory Group told CNN. “We’re going to start seeing more and more people leaving their homes without their wallets.”
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Monday 24th January, 2011
Experts have said that 2011 will be the beginning of the gradual decline of the credit card, as new technologies make the ubiquitous plastic card antiquated.
In 2010, consumers spent US $16 billion on purchases via their smartphones instead of their credit cards, and market analysts predict that this will increase to US $46 billion, and as much as US $214 billion by 2015.
The iPhone, Droid and Blackberry can now be used to buy a range of products over the counter and can even be used to transfer credit from one phone to another. 2010 was the experimental year and 2011, according to experts will be the year the new technology really takes off.
“Mobile payment is going to get really interesting and is going to see a lot of activity in 2011,” George Peabody, director of emerging technologies at Mercator Advisory Group told CNN. “We’re going to start seeing more and more people leaving their homes without their wallets.”
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