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BUSINESS & ECONOMY

New Payment Solutions May Soon Displace Credit Cards – Report

A recent report has revealed that payment solutions that allow customers link their bank accounts for direct payment and  point-of-sale vendor financing may soon displace the use of credit cards.

This was contained in a report released by the World Economic Forum (WEF) on the future of financial services and how disruptive innovations are reshaping the way financial services are structured, provisioned and consumed.

According to the report, a number of innovations such as digital wallets, automated machine-to-machine payments have emerged in the past five years, leveraging mobile devices and connectivity to make payments simpler and more valuable.

The WEF said the majority of these innovations would modify front-end processes to improve the customer and merchant experience while leaving the underlying payments infrastructure undisrupted.

 

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BWN
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