The credit card industry is a mysterious world in which most credit card owners do not understand how it works. When deciding whether or not owning a credit card would benefit you in any way, doubt can sometimes occur due to all of the stories you may hear about debt. However, the state of the credit card industry tell a different story, one that involves success and a thriving industry.
Popular credit card companies that we hear of include MasterCard and Visa which does not even begin to cover the full story of the credit card industry. There are other players in the industry and some beginners who are attracted to the credit card market. An example of a new player is Silicon Valley who now provides online and mobile credit card facilities. According to Business Insider, the leading players are currently not in harm’s way as they are not responsible for payments to process. However, with new technology and new innovative ideas, the traditional credit card machines may be at risk of continuing to be part of the credit card industry’s success. Innovation of today’s world often involves the internet. Online systems such as PayPal are in the credit card market and are here to stay.
Like all markets, there is always some form of skepticism. In the credit card industry the skepticism is coming from Britain, where people are questioning the treatment of the few credit card owners who do play a leading role in the stories of debt. 30 million may seem like a positive number when it comes to statistics -it is the amount of people in Britain who own a credit card. However, the Financial Conduct Authority claimed that 9 million of these credit card holders were in debt which harms the competition in Britain’s credit card industry. Therefore, the successful story of the credit card industry seems to be having some dilemmas. The internet is clearly in the future for the industry but the solution to debt will determine the future of the next chapter in the credit card industry.