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Credit cards 'could be replaced'

By Sarah Engle, Mon 22 Sep 2008 - Published in Credit Cards

The UK payments industry could reach the point where credit cards are no longer needed, it has been claimed.

Neil Munroe, external affairs director at credit reference agency Equifax, said technologies such as mobile phones could eventually replace bank and credit cards and become a method of payment.

Mr Munroe added: "It could get to a point where you don't need that physical piece of plastic [as] you don't necessarily need a cheque now."

However, he pointed out that security considerations will need to be addressed before the development is rolled out and noted that fraudsters are often able to find ways to exploit new technologies.

In addition, Mr Munroe advised anyone using a new payment method to find guidelines on when and when not to use the technology.

According to figures from Apacs, there were 1.8 billion plastic card purchases in the UK in the second quarter of the year, amounting to £92.6 million and a 7.8 per cent increase on the previous year.