Why do we need credit cards?

By way of the credit card industry, we have a strong and mature system, where people can complete cashless transactions — whether it is immediate payment (ATM cards) or purchase on credit.

But exactly why do we need the plastic thing?

Those plastic things are prone to abuse, wear and tear, theft, regular lifecycle events (replacement, expiring cards) etc. In the first place, these cards were meant to do one thing — identify the individual. Most merchants any ways need secondary identification.


Why can’t people simply use fingerprints and an official ID to present themselves and complete a cashless transaction?