Some of these products have been adopted by major financial institutions. Last year,
(C - Get Report)
Thank You 2G card
, which allows its cardholders to pay with their credit line or rewards points.
has offered its
(MA - Get Report)
Pay Pass VITAband -- essentially a
that gives its wearer the ability to make purchases via a reloadable prepaid chip -- since July, and
Fifth Third Bank
dual credit/debit card
But thus far, these products have failed to trigger a full on revolution. Citi debuted its 2G card at the Consumer Electronics Show in 2011, but has yet to offer it to the mainstream public.
"It is available to a small group of people and is something we are continuing to accept feedback on," a Citi spokeswoman said.
Hornblass believes mass adoption has been delayed because no bank or issuer is featuring a product advanced enough to inspire consumers to switch from what they are used to. Citi and Fifth Third's cards, for instance, don't have a feature that allows for secure contact-less payments, while US Bank's wristband doesn't link to multiple accounts.
"If the payment method doesn't have the full menu of innovations available, that's a strike against it," he says, adding that many of these products may cost the issuer more to provide than a traditional credit card would.
These complications have led to a wave of innovations that focus on adding to what the credit card can do without having to change the plastic itself.