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Innovation 'may drive credit industry onwards'
According to PricewaterhouseCoopers' PwC Precious Plastic report, the industry is currently unsustainable, as bad debts, funding constraints and tough macro-economic conditions take their toll.
The firm suggests that consumers may be presented with more payment options in a bid to regain their confidence – and indeed reduce the risk of losses.
Credit card providers will experiment further with contactless cards, prepaid cards and mobile payments in a bid to drive the industry on, PwC has claimed.
Richard Thompson, a partner at the firm, said that large scale change "is inevitable" within the sector over the next few years.
"We're likely to see credit cards being reinvented as payment rather than borrowing tools," he added.
Insolvency practitioner Nick O'Reilly claimed this week that credit has been far too easy to access in recent years.
Moneyextra.com recommends you take independent financial advice before acting on any article
Back2009-11-12 12:46:49 © Moneyextra.com
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