Credit Card Innovation

I was thinking about this recently especially when it comes to the new Apple pay feature that exist for iPhones 6.

My parents generation grew up where the society always preferred cash.  They never purchased anything they couldn’t afford.  There was always some discipline and thought process to purchases.

We have changed to a more cashless society most people pull out there credit cards to pay for everything.

Now my son is so excited about the apple pay and Near field communication options in the hew Iphone 6.  It allows you to just put your phone and use your fingerprint to pay.  It’s Definitely handy feature and very innovative so you don’t need to carry all the Credit cards around,  but as we look at any innovation is this a good thing?

I am still debating this innovation is a good invention or not, I think it will be depending on how many merchants utilize the service as well as do customers find this more secure.

If I put my crystal ball on, I think that over the next 5 – 8 years this will take off that smartphone payments and especially utilization at train/bus stations will adopt this type of system more then the paper ticket cards that are used in most US trains.

I know that I have traveled overseas and definitely enjoy the freedom of the card that you can put up to an RFID, NFC sensor then board.  I can remember one time in Washington DC when I was trying to go to the Lincoln Memorial, it was extremely difficult figuring out which two stations then selecting the right amount.  The ability of just using my phone and charging the approriate amount would have been easier and saved time.

How do you think the younger generation will utilize this type of innovative technology?