Journalist Will Wade talks with Barry McCarthy, President of Mobile Services for First Data, to provide insight into additional innovations in the mobile payments arena. Wade shares McCarthy’s insight in a recent American Banker article—“The Future Shape of Payments is Anything But Flat.”
A payment card no longer needs to be a card.
It can be a watch, a camera, a car key, even a sticker or—as many executives expect will be the next major stage in the evolution of payments technology—a mobile phone. Contactless technology is driving this transition.
Executives say the most important component of such transactions is the contactless chip; and, because cards with these chips do not need to physically touch the readers at the point of sale, some say the plastic cards themselves are becoming increasingly unimportant.