Three Things Crypto Projects Can Learn from the Rise of the Credit Card

When designing and optimizing new payment systems, sometimes it pays to look back and examine those that came before.

Once a revolutionary payment system, the credit card (formerly known as a charge card) provides an excellent case study.

Replacing the use of physical cash, the credit card provided a range of qualities that enabled it to do so.

These could be broken down into three main advantages:

  1. Benefits to merchants and consumers
  2. Ease-of-use
  3. Simplicity and normalization.


In order to establish a new payment system, it is crucial to consider all of the above qualities. Elitium and its EUM Coin have managed to do just that.

Let’s take a look at each of these categories in more detail.


1.      Benefits to Both Parties

Credit cards encouraged consumers to spend more money with merchants. They also provided extra convenience to the card holder, allowing them to pay for all of their expenses in a single lump-sum, at the end of each month.

In the same way, the Elitium network provides benefits to both the merchant and the consumer.

The interoperability of the EUM currency with smart contracts cuts administrative labor and costs. At the same time, it offers lower fees than traditional payment methods and quicker settlement times.

Merchants also enjoy exposure to a new market of consumers – cryptocurrency holders from around the globe.

2.      Ease-of-Use

Credit cards provided a quick and easy way for payments to be made, compared to a cash transaction.

Similarly, the EUM coin is much easier to use than other cryptocurrencies. This is in part due to its accessibility via Elitium’s Online ATM – an instant way to convert in and out of the EUM coin, from regular fiat money.

Rather than deal with various exchanges or other conversion methods, the Online ATM provides all merchants and consumers a quick-and-easy way to enter and exit the ecosystem, at their own will.

3.      Simplicity and Normalization

Credit cards were extremely simple tools, and rapidly became the “norm”. Every man and his dog soon began to use plastic for payments.

On the rapid rise today are mobile payments – a phenomenon which cannot be ignored.

A rapidly increasing proportion of global payments are being made with mobile apps, as consumers shift away from plastic and toward mobile phones.

According to a report from Worldpay, the use of mobile payments is set to increase globally to a whopping 28% by the year 2022. This will set it ahead of both cash and credit cards, only putting it behind debit cards.

Mobile payments with Elitium’s app coincide perfectly with this trend. Using EUM will provide a user experience that looks and feels exactly like regular mobile phone payments – a sharp contrast to many cryptocurrency payment networks today.

This normalization will enable users of all abilities to use EUM, and not just those with specialized knowledge.


Out with the Old, in with the New

The transition from old payment systems to new, mobile-based ones is in full effect. This provides an excellent time for worthy cryptocurrency payment mediums to slot into the new “norm”.

Learning strongly from the payment systems before it, Elitium plans to benefit strongly from this transitional period.

Could this be the next credit-card? Only time will tell.


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