Will the Credit Card Industry Implode?

Posted on April 16, 2006 by Tom Mahoney

The other day I read an article entitled Someone Needs To Put A Leash On Credit Card Issuers by Tracey Schelmetic at http://news.tmcnet.com/news/2006/04/12/1566824.htmTracey is the Editorial Director of Customer Inter@ction Solutions magazine and, in my mind, has it all together in that article. Her article summed up some of the thoughts that I was working on for my next blog post from a different point of view. Without trying, her article helped verify some of my rather outrageous thinking about the Credit Card industry and the future that I see for it.

I emailed my comments to Tracey and she was kind enough to post them to her blog at http://blog.tmcnet.com/ebusiness/feedback-on-credit-card-piece.aspRather than spend time on a post here, you can go to Tracey’s blog and see what I had to say. Read her article first – it’s an eye opener!

About Tom Mahoney

Tom Mahoney is the Founder and Director of Merchant911, a site dedicated to helping e-commerce merchants.
This entry was posted in credit card fraud, e-Commerce, fraud trends. Bookmark the permalink.
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Ed Dickson

Very telling post. Thanks for leading me here, interesting blog!

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mike

I think that it is only a matter of time. The anger and resentment brewing with Merchants over fraud and overzealous chargebacks, makes merchants look for a better solution. Just look at eBay. They created PayPal, which almost forces the user to pull funds from their checking account with ACH, instead of credit cards. Merchants are going to drive this. Credit card companies don't give a damn about their merchants, who pay them billions of dollars every year.

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