The End of Credit/Debit Cards - page 3.

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I am not so sure if they will end or simply mutate, as they are already doing, by being integrated into cell phones. I'm sure Visa and MasterCard are studying the market and will adapt to whatever comes.

Quote from: JeffBrad12 on August 21, 2024, 10:24:19 PM

well honestly nowadays people forget carrying debit/credit card more frequently than they forget carrying phone, since credit card could also be integrated into some payment processor such as apple pay and so on, i'm pretty sure even if we forgot credit card we can still use it through phone.

At the moment I also prefer to have the physical card, although sometimes I don't carry it and I only carry my cell phone, in case my cell phone is lost or stolen, especially if I am traveling, having the physical card I could continue using it, but not if I depend only on my cell phone.

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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.

well honestly nowadays people forget carrying debit/credit card more frequently than they forget carrying phone, since credit card could also be integrated into some payment processor such as apple pay and so on, i'm pretty sure even if we forgot credit card we can still use it through phone.

but I think the reason why credit/debit card will still persist is because the prestige and simplicity, people just want to swipe and be done with it, also, there are many credit cards that offer prestige and exclusivity that could be a great deal for some of people.

even if credit or debit card somehow decreasing in market share, it will still be a really good niche market if i'm being honest.

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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.

Maybe you would have to take a good look at the future because very soon I don't think there would be need for people to be carrying credit cards in their bags to make transactions. The world is moving very fast in technology and what we might be seeing in the next few years from now could be something else that is different from the normal fiat cards. People would tend to use more if barcode to make transactions without needing any virtual cards to pay for goods and services. Maybe we might not even need a phone to scan the products we might have purchased because digital implant will be available for people to make transactions with ease. Just wait till then, it's not gonna take too long.

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Quote from: STT on August 11, 2024, 12:30:10 PM

Even Chequebooks still exist while not being used often. Cards will retain their place to some extent while other methods take over. I do think it will take decades for that to happen and it depends on feedback from elements such as fraud or efficiency considerations.

With the "climate change" propaganda, we should expect plastic and paper to be phased out in the future. After all, processing such materials cause environmental harm. The future will be digital where you won't truly own anything. It'll be more like a lease. Central banks and governments will have more power than ever to manipulate your financial life via the use of CBDCs. Blockchain tech promises faster, secure, and cheap cross-border payments. So why not replace the existing system with a new one based on Blockchain tech?

Sooner or later, physical credit/debit cards will become a thing of the past. Same goes for paper money. The new generation is already used to digital payments. They will definitely pave the way for a radical transformation of our society. The question is: Are we ready for such a drastic change?

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Even Chequebooks still exist while not being used often. Cards will retain their place to some extent while other methods take over. I do think it will take decades for that to happen and it depends on feedback from elements such as fraud or efficiency considerations.

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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.

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Quote from: slapper on May 30, 2024, 09:23:18 AM

Millions still use actual cards. Not everyone is tech-savvy or has fast internet. Converting everything to digital takes time. Security is another issue. This is digital money, therefore we need to authenticate identities without compromising convenience or opening the door to hackers. This is significant stuff we can't ignore

Remember Visa and Mastercard, the big boys. These guys won't leave soon. They've got the money, experience, and infrastructure to adapt. They may even become CBDC transaction facilitators or security consultants. The key is, they won't surrender. CBDCs might be the future, but the shift won't be easy. There are many moving elements and significant challenges to address. But it's also about how we connect that technology into our existing systems, assure security and convenience, and adapt to a quickly changing financial world

The transformation of everything to digital also reveals the need for adaptation. There are many people who cannot keep up with innovations. There are many people who will not prefer the innovations made. It is always difficult to give up old habits, and if these habits have been used until now and no problems have been observed, there may be many people who will not keep up with the change.

It is also an important issue whether the changes to be made are safe and useful. Change takes time and must be chosen.

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We can make cardless transactions by scanning a QR code, but when we don't have internet access, using a card is the best option. Also, it would be great to get a loan directly from the central bank and avoid the commissions of the intermediary banks. Actually, it is possible to get loans at rates close to policy rates through state banks, but an all-inclusive system through the central bank sounds good. Yes, it all sounds good, but are we missing what we feared: CBCDCs, citizenship points, annnnnd welcome, 1984 Orwell.

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I think that there's still gonna be usage for these cards with CBDCs. We can see that exchanges have made crypto debit cards and that's why I think that there will be soon CBDC cards that are mainly going to be use for this purpose. Also, having a card is also a back up if the mobile app or desktop app intended for it doesn't work. That's why they're also likely here to stay just as how BTC is going to be.

As for PayPal, mastercard, visa and other giant and known payment processors, they sure are going to survive. And, they anticipate something like this to happen and it is imminent. They have all planned all of these on how they're going to react with such innovation and they don't want to get left behind. It's either they make something out of this or the most common strategy of these companies is to join the bandwagon.

There's no other way round with it but just to be adaptable and deal with the situation. They're in the financial technology and everything is going to innovate from now on. We might have been seeing the peak of it but there's gotta be more and let's see how the CBDCs are going to change th game for all of these tech giants but I don't think that us, who are into Bitcoin should be worried with them.

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Quote from: wiss19 on June 08, 2024, 04:42:25 AM

I do not think that we are going to really end it, we may change shape of it, but the idea that you need a credit card is still there. Sure it could turn into an app, but that doesn't mean that we are going to be getting rid of the mastercard or visa situation, they might be the ones that start an app for it and they may keep on making billions from it as well.

I do not really understand what it is that they do to make this much money that others can't do, I feel like others should be possible to do the same thing, but I guess it's a very difficult business to enter so I believe that these two companies will continue to make as much money as they want from this even if they have to change shape to fit the new technology that comes with it.

Isn't the future all about "digitization"? This means the transition from the analog world to the digital world. Physical/tangible items like paper money, plastic cards, and even passes/tickets will become a thing of the past. Credit/debit card companies are already providing access to virtual cards.

With digital payments becoming the norm since the emergence of COVID-19, it should only be a matter of time before plastic cards are phased out. Especially now with banks announcing their intentions to launch CBDCs. Everything will be "contactless" and digital. RWAs (Real World Assets) on Blockchains, and NFTs are just the tip of the iceberg. Don't expect existing payment processors to go anywhere despite the recent advancements in the FinTech space. They will change their business model to stay ahead of the game. Who cares about these greedy corporations? As long as we have a fair money system like Bitcoin, there should be nothing to worry about. Wink

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

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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 they are going to continue to exist in some way or another, but I am not sure how. It seems to me that the government of the United States and the Central Bank/Federal Reserve of that country won't be foolish enough to completely replace those companies and tanking the value of the value of their shares in the stock market. If I had to guess, Visa, MasterCard and PayPal are going to work as agents or workers in the process of the functioning of the CBDC itself, by providing technological infrastructure and cryptographic security for the centralized system to work.
I am just guessing, of course, In spite of the name/term we use, just because a CBDC is issued by the Federal reserve or the central bank, it does not mean they are going to completely get rid of the middle man when one carry out transactions. It is a matter of control or the data and the flow of money, not about people saving money and erasing the middle man.

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Quote from: The Sceptical Chymist on June 16, 2024, 08:20:15 AM

I don't know what the future of CBDCs is going to be, but if I had to guess as to the future of credit card processors, I'd say they're going to find a way to profit from whatever happens

I have a theory that if allowed they might make cards that instead of fiat, there is crypto. It would be quite complicated though considering that the value of any currency fluctuates making the components of the card change.

But it is just an idea that a bank might want to capitalize off of. I would just have to give them to navigate through the technical things.

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Quote from: Fortify on June 16, 2024, 07:17:28 AM

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.

There is a long way to go before CBDC's ever become a contender for existing payment systems, but then I don't understand why they would even be replaced anyway? These financial services could adapt to become secure wallets for storing these digital currencies and are likely investigating that sort of transition even now. However CBDC's are still in the most basic stage, even just at the information and research stage, and nowhere near the full scale implementation stage and would take potentially decades to earn the trust of the average consumer. There may even be push back from consumers who don't necessarily see any additional benefits and older generations can be particularly slow to adjust to new technologies.

We have been discussing CBDC for many years but one thing we need to realize is that many governments do not even intend to develop and deploy CBDC. So, I also doubt that CBDC will be implemented soon and replace current payment methods or will compete directly with cryptocurrencies as many people are imagining.

I know there have been some governments issuing CBDCs like China and Nigeria...But I remember earlier this year, the Fed Chairman also said that they have no intention or plan to issue CBDC to replace USD, and my country has not made any announcement about this.

https://cryptoslate.com/fed-chair-powell-confirms-regulator-has-no-plans-to-recommend-adopt-cbdcs/

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I don't know what the future of CBDCs is going to be, but if I had to guess as to the future of credit card processors, I'd say they're going to find a way to profit from whatever happens--just like big oil companies will figure out how to make money from whatever fuel source powers our future automobiles and big tobacco companies getting involved with e-cigarettes and/or vaping products.

But Jesus, I'm not looking forward to the day when US citizens have to use a form of money that gives no privacy whatsoever. That's obviously what people want, since I see people paying with cards or phones all day long. It'd be nice if physical currency existed alongside CBDCs, but as everyone here seems to be aware of, that's not what the government is aiming for.

Scary, man.

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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.

There is a long way to go before CBDC's ever become a contender for existing payment systems, but then I don't understand why they would even be replaced anyway? These financial services could adapt to become secure wallets for storing these digital currencies and are likely investigating that sort of transition even now. However CBDC's are still in the most basic stage, even just at the information and research stage, and nowhere near the full scale implementation stage and would take potentially decades to earn the trust of the average consumer. There may even be push back from consumers who don't necessarily see any additional benefits and older generations can be particularly slow to adjust to new technologies.

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Quote from: bots1 on June 15, 2024, 04:12:52 AM

In my opinion, whether the use of credit/debit cards is popular or not depends on how quickly CBDC is adopted among the public. However, I think that although CBDC provides many conveniences, its level of popularity will probably take several years to come. And currently, perhaps the use of credit/debit cards is still very popular and still needed among the public.

CBDC probably gonna take advantage fully of the fact that the issuer is the law maker, you know the government could easily introduce CBDC and just let people use it for digital transaction sort of using e-money which many countries right now are starting to use.
the presence of CBDC will probably not gonna disrupt debit card or credit card at all it has its own niche and the fact that these cards could be used for transaction internationally and is accepted in most of e-commerce not gonna get fazed by the existence of CBDC.

Quote from: slapper on May 30, 2024, 09:23:18 AM

Millions still use actual cards. Not everyone is tech-savvy or has fast internet. Converting everything to digital takes time. Security is another issue. This is digital money, therefore we need to authenticate identities without compromising convenience or opening the door to hackers. This is significant stuff we can't ignore

Remember Visa and Mastercard, the big boys. These guys won't leave soon. They've got the money, experience, and infrastructure to adapt. They may even become CBDC transaction facilitators or security consultants. The key is, they won't surrender. CBDCs might be the future, but the shift won't be easy. There are many moving elements and significant challenges to address. But it's also about how we connect that technology into our existing systems, assure security and convenience, and adapt to a quickly changing financial world

CBDC if truly released, I guess at best gonna just be disruptive toward the stablecoins though, from where the CBDC value gonna get derived if not from the fiat, the entire mechanism resembles stablecoin and yes I think so too probably these CBDC already designed to work together with those debit cards and credit card pretty sure the entire system probably gonna get integrated with banking system.

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

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.

In my country, specifically the area where i stay, if you visit 100 shops or supermarket around that area, you can make your payment via bank transfer or a payment processor that you will need to scan the shop Payment QR code and make payment. Credit and debit card is still in use but lots of people are paying via tranfers which is making credit and debit card to gradually become useless. There's this my X girlfriend, she doesn't have a debit card, every payment she make is via tranfers.

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In my opinion, whether the use of credit/debit cards is popular or not depends on how quickly CBDC is adopted among the public. However, I think that although CBDC provides many conveniences, its level of popularity will probably take several years to come. And currently, perhaps the use of credit/debit cards is still very popular and still needed among the public.

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Already we have seen UPI based cash withdrawals at AGM and even UPI based credit cards being launched in India, this is done in order to have market capitalisation as banks and other financial firms will not bow down to CBDC easily and they may be able to remove debit card with this move but they cannot replace credit card unless they start issuing retail loans. I think the concept of credit card will remain but the method will change as it would be UPI based.

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I do not think that we are going to really end it, we may change shape of it, but the idea that you need a credit card is still there. Sure it could turn into an app, but that doesn't mean that we are going to be getting rid of the mastercard or visa situation, they might be the ones that start an app for it and they may keep on making billions from it as well.

I do not really understand what it is that they do to make this much money that others can't do, I feel like others should be possible to do the same thing, but I guess it's a very difficult business to enter so I believe that these two companies will continue to make as much money as they want from this even if they have to change shape to fit the new technology that comes with it.

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