Future of Credit Cards | Credit Card Topics

Mastercard and Visa May Face More Competition in Europe While the CCCA Gains Support in the U.S.

By: Andrew Allen, 4/10/2025

While the U.S. and Europe race to impose tariffs that threaten to disrupt international trade, groups in both countries mull strategies to increase competition among payment networks. The European Central Bank (ECB) has asked the EU to develop its own payment platform to compete with foreign payment systems, including Mastercard and Visa. The two card networks have a heavy presence in European payment processing. In the UK, Visa and Mastercard process 95% of all credit and debit... read more »

A Showdown Looms as Bank Groups Move to Block Legislation Aimed at Reducing Card Interchange Fees

By: Andrew Allen, 4/1/2025

Credit cards are such a common payment instrument in today’s world that cardholders may not spend much time thinking about what goes on behind the scenes when they swipe their card to complete a transaction. And that’s part of a credit card’s appeal — you don’t have to think too much when you use one. Credit cards allow users to skip the anxiety that can accompany filling out a paper check while shoppers in line behind you roll their eyes at your antiquated payment... read more »

Proposed 10% Cap on Credit Card Rates Gains Bipartisan Support in U.S. House

By: Andrew Allen, 3/18/2025

The American consumer has a problem with credit card debt. Credit card balances grew by $45 billion during 2024’s fourth quarter to reach a total of $1.21 trillion, according to a report from the Federal Reserve Bank of New York. The quarterly increase in credit card debt was more than four times the increase the Fed observed in any other debt category, including mortgage, auto, and student debt. Rather than addressing the drivers that can cause consumers to go into debt, such as... read more »

Proposed Credit Card Competition Act Could Have Major Implications for Industry Stakeholders

By: Andrew Allen, 3/12/2025

The Credit Card Competition Act (CCCA) may be back in front of Congress soon, according to the office of Senator Dick Durbin (D-IL). The act — previously introduced in 2023 by Durbin and a group of colleagues, including then-Ohio Senator J.D. Vance, after failing to gain traction in 2022 — aims to increase competition on the processing side of a credit card transaction. The 2023 version of the act sought to require credit card issuers with more than $100 billion in assets to... read more »

Mastercard Ending Use of 16-Digit Card Numbers, Raising Questions About the Future of Card Payments

By: Andrew Allen, 2/7/2025

Mastercard aims to reduce fraud by removing numbers from credit and debit cards by 2030. The company will rely on tokenization and biometrics to process transactions made with numberless cards. The move could bring cost savings to merchants, but the ultimate impact to consumers without a smartphone is unclear. Mastercard has announced plans to phase out the use of card numbers on credit and debit cards by 2030. The company intends to use a combination of tokenization... read more »

A Cap on Credit Card Annual Percentage Rates Could Severely Impact Issuer Strategies and Bottom Lines

By: Andrew Allen, 1/20/2025

Politicians favor imposing a 10% cap on credit card annual percentage rates to help Americans hang on to more of their money. If adopted, issuers will likely increase fees on cards and other products to recoup lost revenue. Credit cards could become a financial tool reserved for the wealthy and those with excellent credit scores if lenders turn to stricter underwriting practices A proposed 10% cap on credit card Annual Percentage Rates (APRs) has created ripples in the credit... read more »

Mastercard True Name Lets Transgender and Nonbinary People Use Their Chosen Name on Cards

By: Matt Walker, 4/15/2021

Members of the LGBTQIA+ community face challenges nearly every day that straight, cisgender people often don't encounter. For example, when the name on your credit card does not match your chosen name it can be a real pain point and a reminder that the battle for equal rights still has a ways to go. Mastercard recognized these challenges and established its True Name program, which allows transgender and nonbinary people to use their chosen name -- rather than their... read more »

Plastc – The Smart Card Built with Superior Security – Is About to Take the Market by Storm

By: Tamára Lunardo, 10/19/2020

Smart cards may soon become the easiest way to pay, so we took a close look to see what Plastc will be offering when it arrives in April. What we found delighted us—hands down, the key to Plastc is superior security. With multiple proactive security features, advanced technology, and durable design all outclassing the competition, Plastc offers consumers and merchants alike confidence that the best time to get on board with Plastc is now.// Update: Plastc, Inc. is... read more »

What is NFC? A Beginner’s Guide to the Future of Credit Cards

By: CardRates.com Staff, 1/11/2018

If you've been following the latest headlines in technology or commerce, chances are you've heard of Apple Pay, Google Wallet or Softcard. Probably the most significant feature of the iPhone 6 and iPhone 6 Plus, Apple Pay allows you to use your phone to pay for goods and services in lieu of a physical credit card. The technology uses what's known as NFC, short-hand for "near field communication." Already 10 years old and counting, you wouldn't exactly call NFC a new development in... read more »

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All articles tagged Future of Credit Cards (9)