The End of Credit/Debit Cards - page 2.

Altryist

legendary

Activity: 2100

Merit: 1340

Quote from: mich on August 27, 2024, 11:41:17 PM

Well I do believe that credit cards will still be around in the future as acceptable forms of payment. I don’t think that credit cards will go away because it is a way of being able to borrow money from the lender. And showing the lender they get paid back within a certain amount of time.

Also by having good credit you’re able to qualify for car, house, loans, and better interest rate to make purchases. The credit card companies can charge us interest for our credit and they make alot of money when they does that. I think payment companies like that you said are going to be here a long time too like paypal.

Our society has led to loans and a credit card is an integral part of life, almost every person. Not even talking about life on credit, when housing, a car and other things are taken on credit, people are simply accustomed to the fact that paying for unexpected purchases with a credit card is also very convenient. Therefore, I do not see any reason why it should change, it suits everyone, and the banks that earn money on this and the people who can afford what they want already and pay for it for some time.

mich

legendary

Activity: 3122

Merit: 1032

#1 VIP Crypto Casino

Well I do believe that credit cards will still be around in the future as acceptable forms of payment. I don’t think that credit cards will go away because it is a way of being able to borrow money from the lender. And showing the lender they get paid back within a certain amount of time.

Also by having good credit you’re able to qualify for car, house, loans, and better interest rate to make purchases. The credit card companies can charge us interest for our credit and they make alot of money when they does that. I think payment companies like that you said are going to be here a long time too like paypal.

DrBeer

legendary

Activity: 3752

Merit: 1864

One of the reasons the world financial system will not let the debit/credit card system be “destroyed” is the loss of HUGE revenue, to the world financial system. It's not just interest on transactions, even more important to them is the actual management of your money (real) through “card accounts” (virtual).

In addition, there is one more thing to consider - card payments generate inflation. No, this is not nonsense... Let's take for example 1 dollar, which came to you in the form of part of your salary. You pay this 1 dollar, for example, for a bottle of water. From this dollar, inside the banking system, a commission is withdrawn, for example 5% (this is to make it convenient to count). Total, the real security of your “card dollar” is already 0.95 dollars. Then the same dollar goes through such operations again and again and again ... At each step - it loses part of its value, as it goes to the BANKS

majeikk

newbie

Activity: 1

Merit: 0

A debit card is pretty much an offline wallet / payment app, which is already integrated (both legally and technically) into the digital commerce, and neither the technology nor its users will vanish overnight. Most likely, people will use cards to send moneys over blockchains

Abiky

legendary

Activity: 3220

Merit: 1363

www.Crypto.Games: Multiple coins, multiple games

Quote from: NotATether on August 22, 2024, 02:47:51 AM

PayPal is an e-money business and also a payment processor of its own. It doesn't need cards to survive.

It's Visa and Mastercard that need to be worried, because most of their money comes from card network fees and I'd imagine a good amount of their business comes from debit cards, which they would need to replace with their own CBDCs (ironic right) if those were to go away.

Prepaid cards would definitely be in trouble though.

Of course not! PayPal has its very own stablecoin, too. So it can do well without credit/debit card companies. They'd be the ones in trouble. Especially with the shift towards digitalization. Right now, Visa and Mastercard issue virtual cards. Maybe they will stay with that business model after CBDCs go public? All they have to do is phase out the use of plastic cards for good.

I don't know. I'm just speculating here. Whatever happens, you can rest assured Bitcoin won't be going anywhere soon. Fiat will evolve as history has shown us. What's important is that people get true financial freedom and self-sovereignty. And what currency does it better than Bitcoin itself? Cheesy

X-ray

hero member

Activity: 3066

Merit: 536

Leading Crypto Sports Betting & Casino Platform

Quote from: Oluwa-btc on August 25, 2024, 10:27:25 AM

I think this is true that credit/debit cards will not have much value after the launch of CBDCs,on a norms technology has played a vital role in the global world and as it evolve people tend to adopt the New system of technology so I think after the launch of CBDCS debit/credit cards won't be of Great use anymore depending on the usage and likeness of the new technology.

And by the way,most person like myself even with the fact that I have my credit cards I tend not to do transact with it and prefer online or my mobile banking instead,so definitely it'll surely hit hard on credit card or debit card as well.and it can also be in use cause not everyone is comfortable with this Mobile banking of a thing.

as much as I like the convenience of credit card, I just never feeling safe using credit card, like you, mobile banking is always my way to go, the reduced risk of unauthorized transaction is honestly a really huge advantage.
so I don't know why people are fancy about credit card so much, while it's just abstracted debt in a nutshell, which often people got themselves into trouble by overspending.

the more advanced technology and the higher rate of online transaction should instead make credit card obsolete.

MainIbem

sr. member

Activity: 1316

Merit: 379

Fully Regulated Crypto Casino

Quote from: STT on August 25, 2024, 06:30:13 PM

Credit cards are massively profitable, they wont be ended easily by any other product. I expect them to be around in some shape or form if not actually physically for some time yet, probably decades. Even if the only sign of your credit card account is your phone which you pay with it will still be the same in effect. Its hard to overcome all the standing advantages given to this particular part of the financial landscape over anything new especially 'virtual' arrangements. I'm looking for a peak dollar situation and not a replacement by other government arrangements but a decline into proper capitalism but I might just be idealistic in that hope, CBDC isnt that.

Exactly, the CBDC might serve as an alternative, but won't completely end the use of plastic cards, I think it would be very functional in 1st world countries, where there's steady power supply and people would mostly have their devices charged to carry out transactions, but not very functional in some 3rd world countries where there's no steady power supply and during emergency the plastic cards would serves as a better alternative when their devices are not accessible due to lack of power supply. What I think is that both the CBDC have their advantages and would both serve as the best option in different societies like I earlier stated, even though the CBDC eliminates third parties like Visa and Mastercard that are the owners of most plastic cards the CBDC would still be regulated by the government through banks and some monthly maintenance or whatsoever would still be paid to them, so automatically the government are still in charge.

STT

legendary

Activity: 4102

Merit: 1454

Credit cards are massively profitable, they wont be ended easily by any other product. I expect them to be around in some shape or form if not actually physically for some time yet, probably decades. Even if the only sign of your credit card account is your phone which you pay with it will still be the same in effect. Its hard to overcome all the standing advantages given to this particular part of the financial landscape over anything new especially 'virtual' arrangements. I'm looking for a peak dollar situation and not a replacement by other government arrangements but a receding tide of politics into proper capitalism but I might just be idealistic in that hope, CBDC isnt that.

Quote

People will no longer need to use a plastic card to pay for goods

But they dont pay, alot of people get into the habit of not paying but using the credit of a larger organization. Thats what's its really about even a debit card will link to a lending agreement on the bank account. We all know its better not to lend but also learn to do so anyway. It will take a quantum shift to move the economy on every level away from debt as it is currently, from top to bottom people use credit not proper value up front.

DrBeer

legendary

Activity: 3752

Merit: 1864

Quote from: Abiky on May 17, 2024, 06:23:50 AM

Have you ever wondered what the future of credit/debit cards will be once CBDCs (Central Bank Digital Currencies) go public? People will no longer need to use a plastic card to pay for goods and/or services, as everything will be done through a mobile (or desktop) app. This means people will directly interact with the central bank for deposits and/or withdrawals. No need for middlemen like Visa or Mastercard. At least, that's what I think it will happen.

Do you think credit/debit cards will still be a thing after the launch of CBDCs? If not, why? Will payment processors like PayPal, Visa, and Mastercard survive? Your input would be greatly appreciated. Thank you.

Nothing will change...
Sounds bold, but... Let's find out what CBDC is, shall we?
If anyone WISHES that CBDC is a cryptocurrency from the government, or cryptocurrency freedom, then I have to disappoint you very much.... CBDC is an evil that not everyone has realized and not everyone understands. CBDC is TOTAL CONTROL, and total management of YOUR money without your consent !
Loans and credit cards are a “stealth” mechanism to profit from your every payment. You think you have paid 1 dollar/euro/pound/yen/..... but in fact you paid 95 cents and 5 cents goes to the banking system in their pocket as their profit.... And exactly the same will happen because the government won't ban the banks from operating

eightdots

hero member

Activity: 966

Merit: 764

Quote from: Abiky on May 17, 2024, 06:23:50 AM

Have you ever wondered what the future of credit/debit cards will be once CBDCs (Central Bank Digital Currencies) go public? People will no longer need to use a plastic card to pay for goods and/or services, as everything will be done through a mobile (or desktop) app. This means people will directly interact with the central bank for deposits and/or withdrawals. No need for middlemen like Visa or Mastercard. At least, that's what I think it will happen.

Do you think credit/debit cards will still be a thing after the launch of CBDCs? If not, why? Will payment processors like PayPal, Visa, and Mastercard survive? Your input would be greatly appreciated. Thank you.

Technology renews itself after a certain period of time and different types of services emerge. Even if the situation we assume will replace bank and credit cards happens, the use of bank and credit cards will not end completely. It is very difficult to make some people give up the things they are used to. It is possible to expect something to disappear over a certain period of time rather than disappear completely.

It may be possible that older people do not prefer such a change. There may be people in many parts of the world who have similar preferences. Therefore, if this change is going to happen, it will take time and bank credit cards will not disappear completely.

Oluwa-btc

hero member

Activity: 980

Merit: 585

Leading Crypto Sports Betting & Casino Platform

Quote from: Abiky on May 17, 2024, 06:23:50 AM

Have you ever wondered what the future of credit/debit cards will be once CBDCs (Central Bank Digital Currencies) go public? People will no longer need to use a plastic card to pay for goods and/or services, as everything will be done through a mobile (or desktop) app. This means people will directly interact with the central bank for deposits and/or withdrawals. No need for middlemen like Visa or Mastercard. At least, that's what I think it will happen.

Do you think credit/debit cards will still be a thing after the launch of CBDCs? If not, why? Will payment processors like PayPal, Visa, and Mastercard survive? Your input would be greatly appreciated. Thank you.

I think this is true that credit/debit cards will not have much value after the launch of CBDCs,on a norms technology has played a vital role in the global world and as it evolve people tend to adopt the New system of technology so I think after the launch of CBDCS debit/credit cards won't be of Great use anymore depending on the usage and likeness of the new technology.

And by the way,most person like myself even with the fact that I have my credit cards I tend not to do transact with it and prefer online or my mobile banking instead,so definitely it'll surely hit hard on credit card or debit card as well.and it can also be in use cause not everyone is comfortable with this Mobile banking of a thing.

glendall

legendary

Activity: 2156

Merit: 1018

Buzz App - Spin wheel, farm rewards

Quote from: Helena Yu on May 17, 2024, 08:03:35 AM

I quite doubt it.

It's true if CBDC exist, people should able to transact through cell phones without need to use plastic card.

But, considering there are many cases where someone claimed their money disappeared due to malware or getting hacked, so I don't think people will feel safe when their phones are connected to most of their money.

Using plastic card will decrease the chance to get hacked.

malware is the scariest thing in the digital world, so I agree with you that plastic cards will stay until banks feel ready to stop issuing plastic cards.
and actually atm cards can also be hacked or stolen but not as easily as with digital

FatFork

legendary

Activity: 1624

Merit: 2594

Top Crypto Casino

Quote from: stompix on August 24, 2024, 05:37:18 PM

Yeah, worry about what?
The hundreds of thousands of crypto cards they've issued to make money out of users who despite owning crypto think it's better to pay with a card that on chain? Really troubling, just as how banks are scared about the millions they've made in transaction fees in and out of exchanges, and normally both WU and MG would have been dead by now but WU had just a 3% drop after a record year.

True. But I think that the problem is not so much in users (buyers) as in merchants and still a very limited number of online stores that accept payments with cryptocurrencies directly in the shops. Although this would essentially lower the fees they currently pay to banks and card companies.

It's a bit ironic that people who own crypto are choosing to use cards that convert their crypto back into fiat. But unfortunately, it's often the only option for shopping at large online stores like Amazon or eBay. Until more businesses are willing to accept crypto directly, we're going to see this kind of behavior. It's a chicken-and-egg situation: more users will adopt crypto payments if more merchants accept them, and more merchants will accept crypto if more users are using it.

Qiubell5

jr. member

Activity: 366

Merit: 1

PredX - AI-Powered Prediction Market

Quote from: NotATether on August 22, 2024, 02:47:51 AM

PayPal is an e-money business and also a payment processor of its own. It doesn't need cards to survive.

For now, PayPal is still widely used for financial transactions, but with the shifting progress that continues to innovate with the emergence of new ways of online transactions, PayPal has experienced a decline in users for several reasons, and users are starting to be wise to see all of that, they judge from the convenience they get.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: NotATether on August 22, 2024, 02:47:51 AM

It's Visa and Mastercard that need to be worried, because most of their money comes from card network fees and I'd imagine a good amount of their business comes from debit cards, which they would need to replace with their own CBDCs (ironic right) if those were to go away.

Yeah, worry about what?
The hundreds of thousands of crypto cards they've issued to make money out of users who despite owning crypto think it's better to pay with a card that on chain? Really troubling, just as how banks are scared about the millions they've made in transaction fees in and out of exchanges, and normally both WU and MG would have been dead by now but WU had just a 3% drop after a record year.

Quote from: Lucius on August 23, 2024, 05:41:25 AM

@Rikafip, people use PP for the reason that maybe they don't know that there is something better - but also for the reason that as customers they probably feel safe when they buy considering that someone can't send you a brick in a package and get your money at the same time. However, what was good and new for us 10-15 years ago is probably just as good and interesting for some others today

Customer protection or more like buyer protection si what will keep most of those services popular, with the easiness with which you can void a transaction or make a chargeback with your bank there is no way you're going to have an influx of people to a system where the money it's sent and it's gone. Sellers might love crypto but buyers are not that keen on it.

shinratensei_

legendary

Activity: 3276

Merit: 1029

Leading Crypto Sports Betting & Casino Platform

Quote from: StreakW on August 11, 2024, 10:35:34 AM

Credit/debit card users will continue to dominate because not everyone understands the use of CBDC. Moreover, the presence of CBDC can make it easier for people to make transactions, but credit/debit cards are also needed when making transactions, for example when you forget to bring your cellphone.

I think CBDC is gonna be developed as alternative to current international payment system, sort of another high way for financial transaction so a credit / debit card could actually take advantage of CBDC as well.
credit / debit card is too common for it to just get replaced by some new system like CBDC, not everyone is educated in advanced technology like this, there will be a lot abstraction that put the complexitiy, behind the scene and maybe it will incorporate the old ways of financial transaction into the new one like CBDC

Rikafip

legendary

Activity: 1722

Merit: 5937

Quote from: Lucius on August 23, 2024, 05:41:25 AM

However, what was good and new for us 10-15 years ago is probably just as good and interesting for some others today

True, but back then we didn't have any other choice while now they do. My guess is they mostly have the old users who can't bother to look for better options.

Quote from: Lucius on August 23, 2024, 05:41:25 AM

I haven't used it for years, they became too demanding with their checks and KYC, and for some reason I didn't pass the last verification and I gave up on them.

Same here. I couldn't pass KYC for whatever reason so in the end I just abandoned it (I haven't used it before thast for years but still wanted to have it as a backupo) and they basically did me a favor.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

@Rikafip, people use PP for the reason that maybe they don't know that there is something better - but also for the reason that as customers they probably feel safe when they buy considering that someone can't send you a brick in a package and get your money at the same time. However, what was good and new for us 10-15 years ago is probably just as good and interesting for some others today

I haven't used it for years, they became too demanding with their checks and KYC, and for some reason I didn't pass the last verification and I gave up on them.

Rikafip

legendary

Activity: 1722

Merit: 5937

Quote from: NotATether on August 22, 2024, 02:47:51 AM

PayPal is an e-money business and also a payment processor of its own. It doesn't need cards to survive.

It baffles me that PayPal is still around and popular.

I mean, I used them for a long time, but that was 10-15 years ago when there weren’t as many options as there are now. In this day and age, their service, with its crazy high fees, seems completely outdated to me, and I can’t imagine a scenario where I would need to use them again. Or maybe something has changed, and they’re not as bad as I remember.

NotATether

legendary

Activity: 1568

Merit: 6660

bitcoincleanup.com / bitmixlist.org

Quote from: BlackHatCoiner on May 17, 2024, 07:00:18 AM

Quote from: Abiky on May 17, 2024, 06:23:50 AM

Will payment processors like PayPal, Visa, and Mastercard survive?

Asking about the survival of debit cards differs greatly from asking about the survival of these companies. These companies will likely survive, because they're not directly linked to retail banks, which are the entities that might ultimately fall in terms of economic prosperity, or even cease to exist at some point.

PayPal is an e-money business and also a payment processor of its own. It doesn't need cards to survive.

It's Visa and Mastercard that need to be worried, because most of their money comes from card network fees and I'd imagine a good amount of their business comes from debit cards, which they would need to replace with their own CBDCs (ironic right) if those were to go away.

Prepaid cards would definitely be in trouble though.

Topic: The End of Credit/Debit Cards - page 2. (Read 1419 times)