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Credit cards could become obsolete
19 September 2008
With the invention of contactless payment methods there could be a time when credit cards are no longer necessary, claims Equifax.
Contactless payment allows a customer to buy something by tapping a seller's till with their wallet or mobile phone and the computer inside the till will take the tap as confirmation of payment and subtract the right amount from an account.
According to Equifax, when you compare credit cards to the new technology it could be possible that contactless payments will usurp the plastic payment method.
Neil Munroe, external affairs director at Equifax, said: "It could get to a point where you don't need that physical piece of plastic so you don't necessarily need a cheque now."
Mr Munroe advises people to investigate the security of contactless payment before adopting it.
"Ask some questions to the organisation of how secure it is and I think you just need to be clear what your liability is in this new technology area," he added.
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