Credit cards may soon be unnecessary says expert
19 September 2008
An expert has said that there may be no need for credit cards in the UK one day, because of advances made in contactless payment methods.
Neil Munroe, External Affairs Director at credit reference agency Equifax, said customers need to be aware of the security issues surrounding contactless ways of paying as do credit card companies.
He went on to say that customers should make sure they are clued up on what they are liable for if the worst happens and their details are stolen by fraudsters.
Barclaycard has announced that it plans to introduce ways of paying for purchases using technology like mobile phones or biometrics.
Contactless payment is a way of avoiding using cash, signing your name or using chip and pin; instead you "tap" the till with your wallet or mobile phone. The computer within the till then confirms the payment and takes the money from your account.
Statistics on the use of cards in the UK released by APACS show that in the second quarter of this year there were 1.8 billion plastic card purchases, with a total spend of £92.6 billion.
