Number of the Week: 22% (explanation below)
Credit Cards Aren’t Going Away
At this late date, it’s hard to believe that there are a lot of American consumers who’ve never heard of digital wallets. PayPal began offering digital payments in 1999, nearly a quarter-century ago. Cash App is ten years old, and Apple Pay just a year younger. And to be sure, the percentage of consumers using mobile wallets is on the rise.
Yet the plastic credit card is still the go-to payment for physical purchases for tens of millions of Americans. Indeed, the rise of the contactless plastic credit card may be causing the adoption of mobile wallets to slow somewhat.
Keep reading with a 7-day free trial
Subscribe to FIN: The Fast Forward on Fintech to keep reading this post and get 7 days of free access to the full post archives.