a regular credit card,” says Tom O’Donnell, senior vice president at Chase. “When we test-drove the idea, people told us that they wanted a card that does everything. And if it had a feature that made it faster and easier to pay, it would be good. You can use it for all of your purchases.”
O’Donnell predicts that in a few years, smartcard technology could make cash transactions obsolete. “People will need less cash,” he says. “We see a big movement away from cash. Restaurants, pharmacies, convenience stores–businesses that are very cash-focused accept cards because consumers demand it. Consumers want to pay using plastic.”