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.
"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.