The quick answer is yes, for now, but soon the answer will be no.

Recently the limit or amount you can spend on your bank or debit card via a contactless payment was raised from £45 to £100.

Retailers like this, and many consumers/buyers do as well. It makes larger purchases easier, especially when doing a big food shop for large families.

Not all shops and stores are set-up for the increase, so it may be a short while before all stores can work with this increase.

Of course there also are those that are concerned about fraud, and someone losing their card, and having someone find it and use it in a contactless format to the £100.

Time will tell on that one.

But the question is, do we really need credit cards, bank cards, plastic cards to make purchases??

Initially, I say maybe, but the Magic 8 Ball, says in the future….no.

Why you ask?

The answer is probably in your hands as you read this, your mobile phone.

There are a few ways to make payments via your mobile phone, and more and more are being developed.

Apple and Google all have payment systems that are tied to your bank account, and so does Paypal. All ways to use your mobile phone, make a purchase and pay for it, and no cards, no messy taking a piece of old plastic out of your wallet or purse, and holding it up to a terminal. You flash your mobile and are on your way.

Of course this begs the question, do we even need wallets any more????

There are even new credit companies, credit cards, that are on your mobile phone. You have an assigned credit limit, and it is just like a credit card, only no card. Just an application that is scanned and attached to your account.

Pretty nifty if you ask me. And a whole new realm of debt and mischief.

Still time marches on, and so does progress and technology.

The cynic in me, as small as they may be says this…..lose your mobile phone, and you lose:

Hold onto your mobile phone like grim death!

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