In an interesting article on StoreFrontBackTalk.com, Evan Schuman asks, are credit cards about to be dethroned? Second City Style has been asking this same question ourselves. Retailers and shoppers should be disgusted by the ways we are being fleeced by the three credit card companies. Read on…
retailers have loudly complained about credit card fees for years, 2007
is suddenly seeing a surge in active support for alternative payments.
The credit card companies aren’t worried, but perhaps they should be.
retail industry is traditionally slow to adopt new technology and new
payment methods, but once some retail leaders get comfortable with the
idea, it can snowball into a very rapid trend.
It’s happened with
self-checkout, buy-online-pickup-in-store and—most recently—with
contactless payment. Are alternatives to credit cards next? Although
Visa, MasterCard and AmericanExpress have substantial staying power,
several recent events suggest a challenge to the three Princes of
Payment unlike anything retail’s ever seen.