Four years is a short span of time to completely eradicate debit and credit card transaction. When debit and credit cards first came into operation a lot of over-optimistic people predicted that cash transaction will be reduced but it has not been so as still more volume of transactions are cash and not credit and debit card. With the promise of paytm and mobiwick we have used our smartphone to make payments as even small eating joints have made this facility available and the government is also working closely with telecom operators to make all zones into wifi zones which will make digital wallets even more popular as it will increase the number of Smartphone users. Chances of Credit and Debit card use decreasing is possible in metropolitan cities as more things run legally here than less and the cities are powered by wifi. However the atms, credit and debit card will only go out of fashion when small towns and villages take to digital wallets and that will only happen in India if there is coordination between government and telecom operators
While I do not entirely agree that credit cards, debit cards or ATMs will be redundant in the next few years, I do believe that there is something new that is quickly becoming the preferred way to send or receive money. Do you know what I am talking about? If you guessed wallet payments, then you are right. The shift of currency from paper to digital only picked up pace a few years back and before we could even explore the technology of credit and debit cards to its entirety, digital wallets have arrived to make online transactions even easier for us.
There are several things that give digital wallets an upper hand over credit cards; the most prominent of these being the elimination of any electronic card. We rejoiced when the concept of credit and debit card arrived as we were no longer required to carry cash all the time with us. And this was successful for a long time. However, digital wallets have taken this a level higher with no need to carry any extra tool, equipment or anything with us. All we need is our smartphone which is already carry with us everywhere we go and an internet connection.
Another thing working in favor of digital wallets is the fact that there isn’t any special eligibility for creating one. While for a debit card, you need an account with a full-service bank, the criterion to get your hands on a credit card is even more cumbersome. However, anyone can easily get a digital wallet for themselves if they have a bank account and a smartphone.
Along with these, there are several other benefits of digital wallets that are convincing people to limit their debit or credit card usage and choose to make payments with just a few clicks. Therefore, even though I think digital wallets will be how we send or receive money in future, I think there is still a long time for that to come. We have only started to explore this new technology and there is still a long way to go before we can say that debit and credit cards are completely obsolete.
Four years is a short span of time to completely eradicate debit and credit card transaction. When debit and credit cards first came into operation a lot of over-optimistic people predicted that cash transaction will be reduced but it has not been so as still more volume of transactions are cash and not credit and debit card. With the promise of paytm and mobiwick we have used our smartphone to make payments as even small eating joints have made this facility available and the government is also working closely with telecom operators to make all zones into wifi zones which will make digital wallets even more popular as it will increase the number of Smartphone users. Chances of Credit and Debit card use decreasing is possible in metropolitan cities as more things run legally here than less and the cities are powered by wifi. However the atms, credit and debit card will only go out of fashion when small towns and villages take to digital wallets and that will only happen in India if there is coordination between government and telecom operators