Why American Express Wants to Kill Credit Cards

american express

american expressLeslie Berland works for American Express and her job is to  make her company’s flagship product obsolete.  Berland states  there are two things you always have with you: a credit card and a smartphone. The day is coming when we combine them. “What we are hyper-focused on is how do we merge those two things,” she says. “Especially as one day the physical card will disappear.”

Berland has the notion that smart phones will help us pay for things.  There are tons of apps consumers can use to pay for their items such as Google Wallet, PayPal, Venmo, LevelUp, Coin, Loop, and others abound, and the Starbucks app.  Consumers however won’t commit to just using one app because they don’t know which store uses it.

Making purchases with smart phones can be the next way to pay for items, but it doesn’t mean is the most secure way of paying.

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Picture by businessinsider.com

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