The Popularity of Plastic Payments

The future of payments may well reside on mobile devices, but today’s mobile payments consist of the plastic cards in your pocket or purse. Card payments now make up more than two-thirds of all noncash payments, according to a new report by the Federal Reserve.

In the same vein, my last several articles for Independent Banker magazine have dealt with the following card topics:

Profitable prepaid cards remain mostly elusive, but their potential still glimmers
Prepaid card use is soaring, and the checkless account cards are expected to help banks attract millennials and other underbanked customers. As of now, however, prepaid cards are not providing easy money to many community banks.

Four principles of the top-producing credit card programs
Community banks with highest producing credit card lending programs keep cardholders close to home. They also tend to use their card programs as part of their overall relationship-building activities, in many cases offering simple, stripped-down programs that solidify their customer relationships and their community bank brands.

Making the most of your card program year round
Community banks with successful credit and debit card programs plan their success. They understand that getting customers to use their cards consistently requires more than the occasional statement insert or special event promotion.