From Swipe To Tap: Credit Cards In Disruption

In the digital era, technology disruption has become the order of the day. Although newer technologies keep overturning existing models in various business segments every day, the financial services sector is surely the most impacted one. This time it is the turn of plastic credit cards carried by the holder in their pockets or wallets. The time has come for these 2inch-by-3inch cards to migrate from wallets to mobile phones. You read it right. The trend has already hit markets in the West, and is expected to catch up in the domestic market over the next couple of years. In the West, these are being called Digital Cards by the service providers. Apple credit card — the pioneer in creating the Mobile First credit card — has Goldman Sachs as their bank and MasterCard as the fund transfer gateway. Several smaller players — including neo-banks like Revolut — have...