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Mobile payments are appealing, but still no threat to credit cards

Mobile payments are evolving, but it will take time before traditional credit cards are truly under threat

Michael Hatamoto | Mar 30, 2015 at 12:40 pm CDT (0 mins, 49 secs reading time)

Mobile payments might capture a lot of media and consumer attention, but there still isn't an enticing reason for consumers to leave behind credit cards in favor of mobile payments, according to a leading credit card executive.

Mobile payments are appealing, but still no threat to credit cards | TweakTown.com

"Apple is a great brand and so the whole world was talking about Apple Pay for a little while. But the noise has calmed down, and so [it] will for Samsung and Google, and all the banks are launching their own version, then there's our MasterPass and Visa Checkout," said Ajay Banga, CEO of MasterCard, in a statement published by the Sydney Morning Herald. "All of this is because of the fact that this physical/digital world is converging."

Mobile payments heavily rely on traditional credit card companies - and there will be continued coexistence between debit and credit cards along with numerous mobile payment offerings. However, banks have embraced their own apps to help make it easier for shoppers to make payments at checkout.

Michael Hatamoto

ABOUT THE AUTHOR - Michael Hatamoto

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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