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About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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  • Visa Delta isn’t a credit card, so why is it on the timeline.
    P.S. Nothing much happened between 1996 and 1983 (other than the introduction of the magnetic stripe in 1971, I suppose). Oh, and online authorisation.
    P.P.S.1987-1991 was really a wasteland for cards. Nowhere new to use them, other than on the internet.

  • Interesting and informative

  • Alex Povolotski

    Surprisingly, the chart doesn’t denote the creation of Visa and MasterCard.

  • I’m not sure that the cards will disappear so soon. Until e-payment completely replaces cash, there will be at least autoteller networks, and people will wish to get cash using their credit cards (e.g. pre-paid ones).

  • Lorenzo Gaston

    I still believe that plastic cards will be largely dominant for at least 10 years and that contactless cards are the ultimate solution for a cashless society. The figures released by the Banque de France for 2014 show that fraud rates for contactless cards are only slightly higher than for contact card transactions

  • The plastic form factor of credit card may be replaced by mobile wallets sooner or later but, given that most mobile wallets rely on a credit (or debit) card as the founding source, I’m not sure why this article begins with an an unqualified assertion that “credit cards are about to disappear”.

  • Chris Skinner

    Ketharaman
    If you read my blog or listen to my presentations, I’ve stated regularly that cards – like cheques – are redundant when mobile and chip-based payments take over. It may take a decade, but it will wipe out the need for a physical card. Maybe you don’t read my blog regularly, but that’s why I didn’t bother qualifying it.
    Chris

  • neil burton

    In 2012, payments cards constituted 60.9% of the total non-cash transactions globally, with growth in use of debit and credit cards up 13.4% and 9.9% respectively. (World Payments Report 2014). That’s a pretty big market share and growth rate; and an excellent platform for innovation.
    Many innovators see leveraging existing rails as a route to commercial success. Mobile-based innovations such as ApplePay may obviate the need to use a card for some transactions, but those are still card transactions. Card volumes will likely continue to grow by taking share from other payments forms; e.g. contactless replacing cash. Tokenisation enables innovators to leverage the card infrastructure safely and securely, thus widening access to card settlement (XS2C?).
    All of which suggests that, whilst the form factor will undoubtedly modernise for some transactions, the card infrastructure has a strong future.
    There is a great deal of value, much of it yet to be tapped, in connected ubiquity. Loyalty, personalised location-based promos, other big data services….