How Experts Predict Credit Cards Will Be Used in the Future

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With electronic payment technologies like cryptocurrency, cash-sharing apps, and mobile wallets reshaping the economic landscape, traditional payment technologies like credit cards are taking the cue to evolve too. How we use credit cards today will definitely change in the near future. We tapped into leading payments experts from publications across the web to get their forecasts on how credit card will change in the future.

$8 Billion In Bad Credit Card Debt Write-Offs Worry US Banks

Together with the rate of overdue credit card holders gradually increasing, some banks have been scaling back on launching new accounts. The numbers have been rising since 2015 while the rate of credit card holders remains low. Quarterly write-offs of bad credit card debt fell in 2015 and hit on their elevated at nearly $19 billion. But to over $ 8 billion they have gone up in the past three decades. [PYMNTS]

How Americans Use Their Credit Cards Across the Country

Residents in the Northeast and Upper Midwest normally have more credit cards also have higher credit scores. The area stretching from South Carolina west to Texas and Oklahoma has the lowest average fico ratings, which range from 647 (Mississippi) into 657 (South Carolina and Arkansas). In addition, two states–Mississippi and Florida–are the only two in. [Insider]

Consumers Adoption of Retailer Mobile Apps

As mobile shopping continues to grow, consumers are downloading retailers’ mobile apps at double the speed of decades past and conducting more in-app purchases. Some 67% of customers have downloaded the program of a retailer. More than half of those did so especially to get a discount or coupon offer. It is used by nearly half of consumers who’ve downloaded a retailer’s program. [Mobile Payments Today]

Here is How Much Money Americans Have at Every Age

Credit cards, student loans, mortgages, car loans, personal loans: Many Americans have a mixture of those sources of debt. And despite their best intentions, Americans are digging themselves deeper. The typical American currently has about $38,000 excluding home mortgages, in debt that is personal. That’s up $1,000 from one year ago. Fewer people said they carry no debt this year in contrast to 2017: 23% vs. 27%. Credit cards and mortgages tied followed by student loans and automobile loans. [CNBC]

Faster Savings Push Greater Debit Card Use for Gig Workers, Small-Biz Owners

Data in the Mastercard analysis indicates that Uber drivers that activated Uber Instant Pay, the white-label variant of its own debit push payments support, increased both the trade volume and spending on their debit cards by 20% over a four-month period, in contrast to a control group not using the feature. Small-business clients who employed merchant settlement to receive funds immediately from merchandise sales spent over the subsequent four weeks and used their cards 16 percent more occasions, compared with a control group that didn’t activate the settlement feature. [Payments Source]

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