I constantly come across peppy and sometimes very annoying statements that the era of bank cards is coming to an end. Some attribute this to the arrival of Apple and Google Pay in mobile phones, now associating the payment function with them. Some more knowledgeable people associate with the advent of the European standard PSD2 and open banking, arguing that it will be possible to make transfers/payments directly to any seller, just like it is done today between individuals. I'm afraid to disappoint both.
So what will happen to bank cards?
Maps will flourish and develop. As for Apple Pay and Google Pay, they are based on the card infrastructure and cannot exist without it. What may really disappear in the near future is plastic and this can happen quite quickly, even in the next two years. And in Apple Pay and Google they use all the same cards, they just pumped everything into a digital form.
Will the new types of card payments be affected?
And of course, cards will hardly be affected by new types of payments, whether it be PSD2 or any other known type today. The turnover and the number of card transactions has been constantly growing for more than 60 years, now the growth in the amount of 5% in year. Plus, using cards, customers can always dispute a transaction and ask the bank to sort out the situation. That is why I recommend everyone to pay only by cards and no other types of payments. Here is one good example for you. I recently bought tickets to the Paris Catacombs worth 250 Euro. The museum did not accept tickets and did not give the opportunity to pass on the appointed day, as they were on strike. Since the museum was wildly popular, they didn’t even answer my letters, and if I did a regular transfer, I would say goodbye to the money, but in this situation I disputed the deal and got all my money back.
So maps will thrive and amazing changes are ahead of us.