Will bank cards disappear in 3 years?

With the arrival of Apple Pay, the company and its partners have high expectations for the new shopping system, which promises the greatest security ever seen for consumers, but it could also end the use of physical cards that we usually carry in our pockets within the next 2 to 3 years.

The CEO of Moven, a mobile banking startup, expects that the arrival of Apple Pay could mean the end of bank cards in the short term, and he has his reasons for why it is more convenient to switch to mobile banking apps instead of continuing to use cards; at least it is more profitable for financial companies.

Card production is a significant expense for banks, and switching to a new mobile payment system could eliminate these costs. While Apple Pay is compatible with the iPhone 6 and iPhone 6 Plus, as well as the Apple Watch, high-end Android phones also support NFC, allowing them to be used for mobile payments.

The idea is interesting; in fact, some markets outside the United States are already making the leap to mobile applications at a commercial level. However, it should be considered that 3 years is really a short time for the system to spread worldwide, and it must be taken into account that not all users have access to terminals compatible with these systems.

Another aspect to consider is that not all stores are supporting the Apple Pay system due to their loyalty to the payment system and application they use in their businesses, such as QR codes.