Credit cards will be the future of online payments, although various wallets will be consolidated and may be incorporated onto mobile phones, according to Karl Hammerschmidt, co-founder of RunwaySale.
Speaking to HumanIPO, Hammerschmidt maintained credit cards will remain the key method of online payments in spite of the various new payment technologies being developed, but admitted how they are used may change.
“Fundamentally what I think is going to happen is that the credit card as a plastic unit is almost going to fall away,” he said.
“I think it’s going to become that you’re going to have a credit card on your phone and you’re just going to swipe your phone past something.”
Noting having multiple different wallets for different places of purchase may cause problems, Hammerschmidt says wallets will have to be consolidated in new credit card technologies.
“That’s why I do think that the credit card is going to reign supreme, but how that credit card actually gets used, how it gets interacted with… I think that’s the future,” he added.
“I think the credit card is going to be the primary entity of payment, I think it’s just going to be interfaced in different ways.”
