When it comes time to pay for our groceries, gas, meals or other daily needs, you probably reach for a credit or debit card to take care of those expenses. In a 2022 Pew Research poll about what payment method Americans use to make their purchases, 41% of respondents said none of their purchases in a typical week were paid with cash, up 12% from the last survey four years prior.
The convenience and security of credit and debit cards have made them a staple in our current financial state. While the card’s form has primarily stayed the same since its introduction to the mainstream, its interaction with payment systems has evolved. Over the last decade, our handy plastic cards slowly moved away from the magnetic stripe or “magstripe” swipe in favor of a “dip of the chip” or tap-to-pay.