Credit Card
Sometimes it feels like all
there is to do in the world is do a credit card. There is no wrong with it. If
you are not seen as the great Sixties Man like the guy in this digital image,
you are an actual being and should be seen as such. Credit cards are an easy,
free alternative to cash. Until you find yourself eating a pizza on your iPhone
app and being unable to pay as you fall over the counter. In this world where
there are better payment and credit alternatives out there, we at Start-up.io
might be changing that credit card marketplace.
The Credit Card: App-Link Credit Cards
The first app that you
download on your iPhone becomes your Card without the hassle and credit. This
option creates a very similar ecosystem to the credit card. It is just a matter
of choosing the right card option based on your spending habits and personal
preference. The new trend of apps is becoming “App-Linked Credit Cards”
(CardPost), where your iPhone app can simply link you to the right card.
In an initial analysis of
400 beta partners, 40% of the companies chosen were either targeting new or
existing cardholders. This number shows a progression in the ease of use of
this card. As more and more users jump into this market, more offerings will
pop up that are not dependent on your data and credit history. These apps have
been found to dramatically increase the security of funds while using a huge
amount of data as a product instead of part of it. The increase in security for
cards comes with a large downside, though. The data footprint is expanding, and
as we move from the physical world to the digital world, the costs are being
reduced. A combination of the fact that you are using more of these apps, and
that consumers are being advised to use these apps as a form of payment to ease
their PayPal payments to increase account security, is increasing these costs.
Data breaches are becoming more common, leading to more data being stored and
being impacted. In the financial world, these losses are hard to recover from
since they can spread out over the course of a year and even longer.
Regardless, this industry is huge for the financial industry.
In the not-so-distant
future, the consumer will be able to subscribe to these apps without payment in
the app. They will be given a set percentage of purchases added to their
account. “If you use our Card as your online payment, we earn a percentage of
each card purchase you complete. So long as you use our Card and use that as
your online payment for the entire year, your subscription fees will begin to
diminish each quarter. If you don’t use our Card and don’t use that as your
online payment, your subscription fees will begin to increase each quarter”
explains the main company, CardPost. As your base payment is built into the
app, you will be able to keep the peace in a good amount of detail. If you
spend at an aggressive rate, you will experience higher costs than someone who
tends to stick with the same credit card.
The payments of these apps
will remain intact and will be very secure. Payments held on your card without
it being compromised are significant perks of the apps. “Whatever your security
settings are, you’ll be amazed how little we can remove from your account” they
explain in an email to pre-customers.
As we are in a big transitional
phase to digital payments, these apps can help ease the pain of remote
payments. The apps are easy to use, and their technology was made to simplify
payment in a way that benefits all the parties involved. While we are still not
done with pen and paper, the digital age is here to stay.
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