Technology Strategies International has released a report titled "Canadian Payments Forecast - 2009" forecasting that the Canadian debit and credit card market will be hit by the decline in personal expenditure on consumer goods and services as a result of the economic downturn, but over the long term both forms of payment will command a greater share of all consumer expenditures. According to the report, "credit card payments will account for 38% of personal consumer expenditure by 2013, approximately double the share predicted for debit card payments." READ MORE »

Steve Klebe writes:

I predict that when President-elect Obama is replaced by the next president in 2017 that will still be the case [we'll still be using mag stripe cards], albeit waning by that time. What do you think? Will we finally be issuing Chip Cards? Will it be RFID? Will it all be replaced by our mobile phones acting as payment cards or devices?

David Stringer reports for the AP on actions announced today by UK Prime Minister Gordon Brown where the UK government announced it "would offer to insure banks against default on toxic loans in exchange for legally binding commitments to make credit more freely available to British businesses and home buyers who are struggling in an economic downturn."

See also David Jolly's report in the New York Times.

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