Credit cards, which have seen the value of their shares fall on the stock markets, are facing a historic moment due to a change in the cycle with the entry of a generation that is stopping using credit cards, a situation that has worsened with the Amazon’s decision to veto UK payments via Visa after doing the same in Australia and Singapore. The reason is the high commissions it maintains and the market believes that there is a possibility that this problem could be globalized.
Roger De’Ath, Head of ecommerce for the instant payments platform, TrueLayer believes that what is happening with Amazon is the beginning of the end of the domain in credit card payments
“The harsh truth is that instant payments have already reached their expiration date,” he said. Cards will follow the same path as DVDs versus Streaming ».