Future of Credit Cards ?

Introduction: Since its inception in the year 1981 by Andhra Bank, the credits card industry has grown by leaps and bounds ever since. The no of credit card users has been on a steady increase indicating technological and financial growth of the country and the citizens. Earlier one would be asked if he had any Credit card. Now the questions directed ask how many Credit cards you have. And there is no surprise that people answer with numbers like 3, 4, 6 etc.

The wallets are getting heavier with more plastic than cash. This is because the credit card companies are constantly coming up with more and more benefits attached to the IndusInd Credit card with a hope to lure the consumers to thicken their credit card portfolios.

Trends in 2018: In order to keep pace with the growing innovations and digital infrastructure, the credit card companies are coming u with more and more ideas and benefits for the consumers.

1. More and more brands have launched their own credit cards like Amazon Prime Rewards VisaSignature card, Starbucks Visa card.
2. Premium cards offer more luxe benefits to their customers like airport lounge access, travel credits, higher reward rates. In the near future we will see credit card companies collaborating with high-end brands to offer first class services to customers.
3. Focus is shifting to consumer loyalty. Many card issuers are focusing on making their rewards system and other benefit more easily achievable to make their customers stick around.

However, the future holds a completely different picture for the credit card industry considering the rate at which innovations and digital infrastructure are evolving. Let us see what are the innovations that are set to change the way we make payments using Axis Bank Credit card today.

• Dissolving Material: Loosing a credit card can be one of the worst nightmares for anyone. However in the near future you need not worry about a lost credit card being fraudulently used and all of that. Innovations are going to be at its peak where cads will be made up of materials (transient material) which get dissolved as soon as a trigger is activated. That means if you lose your card, the thief is going to lose it soon as well.
• Keypad and Screen enabled cards:Innovators are working on adding a keypad and a screen to the card itself, which will make security even better. Entering your card into a card reader machine and entering your PIN in public is pretty unsafe. With the implementation of a keypad and a screen you can now enter the PIN on the card itself to make payments.
• Universal Card: One Card for all your cards. Sounds good isn’t it? Innovations are soon going to relieve you from the hassle of managing multiple cards for various purposes. A card shaped device that stores all your cards information and will enable you to use the required card with ease.