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Credit card charges 'to become default payment method'

Although many people are unwilling to incur loan charges through the use of a credit card, a specialist has claimed this device will become the most popular payment tool in the future.

Chief executive officer and founder of mPowa.com Dan Wagner argued buying goods through credit card charges will be "the payment method of choice for many people for years to come".

However, data from the Finance and Leasing Association revealed the number of credit card claims made by members of the public in the UK underwent a year-on-year increase of just one per cent during May 2012.

Society is rapidly becoming cashless and it is now a "vital time" for technology to influence the form retail will take in the future, Mr Wagner remarked.

Sole traders, corner shops and large corporations will soon have to be able to cope with electronic ways of receiving payment, the specialist added.

He suggested that transaction tools will have to become more secure, functional, accessible, affordable and "future-proof".

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801406385-ADNFCR



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