Is mobile commerce killing the credit card

Is mobile commerce pushing the end of the credit card.

This blog has dove deep into the challenges that come with protecting customer-made credit card payments. The inclusion of chip-and-PIN technology and the EMV deadline that is inching closer every day has often been seen as a monumental step in card security when it becomes widespread.

However, a recent report from KTVU -- an Oakland, California news outlet -- argues that the use of credit cards could be obsolete. This idea is framed around the story of Regina Stidam, a local resident who had her credit card stolen while sitting at a restaurant. The criminals then went across the street to Target and purchased $1,800 worth of gift cards.

Despite having security measures in place, anyone who has made a transaction by card at Target knows how easy it can be to fake. The terminals face away from the cashier, meaning they never need to see the card or ask for I.D. and if no PIN number is required for authentication, anyone can swipe the card.

The piece goes on to make that case that this could be the opening mobile commerce solutions need gain a larger piece of the pie. The technology has matured and is gaining steam as it secures payments with multiple layers of support.

It may be too soon to call the credit card dead, however it is an interesting question. What are your thoughts on not only the possibility of credit cards being on the edge of extinction, but also the role mobile commerce will have in making that a reality?

by Ty Hardison

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