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14/10/2009 -
Despite lingering job losses and credit card defaults, credit cards are not going anywhere, reported Forbes.The article cited profitable quarters from some of the major credit card issuers, noting in particular that MasterCard's transaction volume is expected to "remain solid, despite a slowed consumer."
In addition, Visa got "good grades for its preponderance of debit cards, which replace cash and are seen as a major positive."
All in all, Forbes forecasts a "happy Christmas 2009" for the credit card companies, in contrast to the Scrooge-worthy retail forecasts that have recently been projected.
The expected profitability of the major credit card players is most likely due to the fact that, despite reduced spending and increased financial difficulties, credit and debit cards have become an indispensable part of modern life.
The Financial Post recently noted that, while life without a credit card is possible, it "has become darn hard," as many everyday transactions either depend on the consumer's ability to use a plastic form of payment, or are significantly more convenient when using credit or debit.
For merchants, this trend points to the importance of what has become somewhat of a business necessity - having a payment processing system that accepts credit and debit cards. By having credit card processing capabilities, Canadian merchants can most likely expect a "happy Christmas 2009" as well.
