According to Dee Hock, former CEO of Visa, credit cards have contributed to money becoming "nothing but guaranteed, alphanumeric data recorded in valueless paper and metal" (Evans and Schmalensee 1). Thus, transactions are done through computers without cash ever changing hands, making it possible for consumers to use credit cards worldwide (MacGregor 649).
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"So, there will be continued focus on making it easier, making it more electronic, and making it so it is less vulnerable to fraud activities and more convenient to customers." ~Kevin Reilly, JP Morgan Chase Executive (Reilly) |
Technology
(Reilly)
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Technological Advances
The first cards were made of paper/cardboard, but now are plastic. In 1955, the optical scanner was used to read credit cards and charge plates, putting information into computer language to process cards automatically ("The Voracious Eye" 71). The magnetic strip invented in 1960 made it easier for tracking and billing ("History of Credit Cards"). This led to the invention of the ATM ten years later (Mandell 121). In 2009, the square, a credit card reader, was invented. It serves as a "mobile app that lets anyone accept credit card transactions using a smart phone or tablet" (Stevenson). One of the latest inventions is the handheld register, keeping credit card users from waiting in line (Thurston 1B, 4B).
Progression of Credit Card Technology
 (Magnetic Strip) |
 (Credit Card Scanner) |
 (ATM) |
 (The Square) |
 ("Handheld Billing") |
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"The challenge for us all is to realize the user has realized he doesn't need a bank." ~James McDermott (Mayer 231) |
(Square Makes Taking Credit)
Credit cards as a turning point for technology...
Obviously, technology has advanced to keep up with the ever changing needs associated with credit cards.
