Mobile payments undermine banks’ battle for credit card dominance


Banks are battling to get consumers using their credit cards for holiday shopping. But faster mobile payment options are making that more difficult.

As consumers shop on their phones, analysts say they may end up using whichever card is automatically stored instead instead of considering rewards.

Gerard du Toit, banking consultant at Bain, said smartphone shopping “changes the equation” for credit card habits — it takes something “dramatically better” to unseat people from their default payment method.

“When you’re carrying your wallet, you make conscience decisions about which card to use,” he said. “With mobile you have a registered card on file, and you’re going to stick with that card…


Replacement border wall should be considered new wall, says acting secretary of homeland security

Previous article

American, Delta waive fees as snowstorm threatens Thanksgiving weekend travel

Next article

You may also like

Leave a Reply

Notify of

More in Finance