With the introduction of cashing in its chips, credit cards are going to be the matter of past.

London (Ask4paydayloan ): Keeping the ongoing credit crunch in mind, experts predict that paying by plastic will make way for payments by mobile phone, key fob or even fingerprint. The plastic credit card could be on the way out within five years, according to leading financiers who are watching the UK financial market for a decade or more. Recently, Barclaycard, which introduced the UK's first credit card in 1966, announced it was pouring millions into developing 'contact less payment technology'. The plastic money supplier already developed a credit card that can be read without having to be taken out of a wallet.

It hopes to take contact less payments a step further with microchips that can be inserted into mobile phones, enabling the users to buy items by simply holding their handsets over them. The additional purchase would be confirmed by tapping a PIN into the phone, with no need to go to the checkout point. There is even talk among the UK customers paying by fingerprint or eye recognition in the future. 'The chips on credit cards now have incredible untapped potential but the plastic around the chip limits its potential,' confirmed Barclaycard chief executive Antony Jenkins.
The transactions will take the plastic away and the possibilities are endless, allowing the customer to pay by using something that they are already carrying, be it a mobile, key fob or even via biometrics. In time you do not need to to carry a plastic credit card around with you if you don't want to, although some people will choose to for nostalgic reasons.

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