Credit cards losing ground to mobile technology and the Internet

Mobile phones as payment devices and virtual online currency are among the changes Canadians will see as the credit card industry transforms after increased losses and stepped-up government regulation, according to The Vancouver Sun.

The credit card industry is caught in a perfect storm," the report said. "Record net loss rates driven by rising consumer bankruptcies are occurring at a time of increased government regulation."

As a result, the credit cards have gone from being one of the most profitable to one of the least profitable areas.

Emerging trends in the industry will change credit cards, with the Internet and mobile technology playing a central role in payment systems.

Read full article.

emily | 9:38 AM | |
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