Credit Cards Aren't Going Away
Plus, BNPL: The Director's Cut
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.