With new technology released every day, will credit cards become a thing of the past, just as road maps, alarm clocks and encyclopedias have?
Digital wallets such as Wocket and Coin, which will arrive in 2014, are hinting at “yes.”
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Digital wallets provide users a way to pay for purchases by swiping a card that holds personal information, such as your credit and debit cards, loyalty cards and gift cards.
While some apps, such as Starbucks, serve as digital wallets, they are typically single-purposed. For example, the Starbucks app allows me to maintain a credit balance for purchases at Starbucks only. I go into the coffee shop, order a grande latte, show them the bar code on my phone and, voila, the amount of my purchase has been deducted from my balance. That was pretty neat 18 months ago. Now, not so much.
Fast forward to 2014, when digital wallets will be in our pockets and purses.
