The End of Credit/Debit Cards - page 4.

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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.

I don't know for develop countries but the system of CBDC looks more realistic to urban areas than rural areas where they will still have to depend on credit and debit card system. The banking system doesn't depend on internet protocol of the public but it's own local network for efficiency, this is why credit and debit card work in many places where there seems not to be stable network for people to use.

It will take a while even in the cities where network are stable because the credit and debit card system will take time before they transition into that system. The commercial banks wouldn't be happy about such developments because the transaction fees and charges they benefit from debit cards are one of the reason their system is alive today, they wouldn't like CBDC to flourish.

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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

Of course. Transitioning from the analog to digital world is a process that takes time to accomplish. Right now, Internet access is limited in certain areas of the world. So it's hard to believe CBDCs will become the cornerstone of our economy anytime soon. It could take decades before this happens. Rest assured that financial giants such as VISA and Mastercard won't be going anywhere soon. They will eventually adapt to the latest trends in the Fintech space, to stay ahead of the game.

Physical cards will become a thing of the past, as we shift our focus to truly-digital payments. I believe virtual cards will dominate the industry in the future. Who cares? As long as we have decentralized cryptocurrencies at our side, there should be nothing to worry about. Grin

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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

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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.

Actually this may happen if the CBDC exist but I don't think it will immediately ceased the use of credit card except allot of sensitization is made to people most the remote area or rural areas where some illiterate exist, or those which age is on their side, second most of the third world countries still lacking the required technical and standard network for most of this transaction I could remember during COVID in my nation it so difficult to transact online with mobile device, but if all this is conquered there will be no room for credit card in time to come in my opinion.

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It might put in a lower usage to debit card use but credit cards will still have a lot of volume for 2 reasons.

1) Someone doesn’t have the cash to buy something so they can only do it on credit and they use the credit card.

2) Credit cards pay rewards for all purchases like 1% for groceries, 2% for gas , 3% for restaurants and as long as it’s paid off, no interest is charged and you get to keep the rewards. Hence the reason why so many people are paying for everything by credit card these days.

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Quote from: Moeda on May 27, 2024, 08:40:24 AM

Mastercare and visas are generally issued by government-owned companies or banks in each country.

Please give an example of a government-owned company that issues those cards! I'm all ears!
Oh and just because you're a teacher at some school and you get your wage on a special card that doesn't mean the school or the minister of education is neither the issuer nor the balance holder. Most government agencies are not licensed for financial or money transmitting licenses, they won't even be able to do such a thing.

Quote from: beerlover on May 27, 2024, 01:00:33 PM

Considering how "huge" those two companies are, I am %100 sure that we are going to end up with a lot of trouble if we end up with anything else then these companies figuring out a way. I mean they will probably have hard time if we just use our apps, because banks would be able to just directly deal with it, without needing cards.

The app is just an extension!
What matters is the settling thing, not what Visa does between you and the bank but what Visa does between your bank and the merchant's bank!
That's the infrastructure that matters and nothing has even come close in two decades to be a rival for it!

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Quote from: Moeda on May 27, 2024, 08:40:24 AM

We are talking about the future of Mastercard or Visa, which is currently still in the speculation stage. There is no definite answer about that. But it's okay for discussion.
Mastercare and visas are generally issued by government-owned companies or banks in each country. Of course, what is an asset of the government will be maintained.
We know that the existence of crypto today really helps transactions and guarantees security in the developed blockchain system. Then why is it still difficult for the government to accept crypto, isn't that something good.
If something new becomes commonplace in society, of course what happened before will be abandoned by society.
If the government accepts the blockchain system as the main transaction route, of course transactions at banks will stop, including Visa and Mastercard, and that will be detrimental to the country.

Considering how "huge" those two companies are, I am %100 sure that we are going to end up with a lot of trouble if we end up with anything else then these companies figuring out a way. I mean they will probably have hard time if we just use our apps, because banks would be able to just directly deal with it, without needing cards.

To be fair there were a lot of industries and companies that used to be rich or at least do well, but then no longer needed because technology improved. Like back in the day we had phone books where you looked at a yellow book to find a number, or had encyclopaedia that everyone had in their home back in the day, none of that exists anymore and that is why it's maybe time for visa and mastercard to slowly bankrupt too, who knows.

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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.

I think the banks will still play a part in an economy ran by cryptocurrencies, centralized or not. I'd argue that it's going to be even easier for them cause now they can just give out loans and money to everyone without having to give them paperbacks, see my point? Makes it even harder for bad-credit or people who run away from loans to evade them cause now they can be tracked, and if a country/a government mandates using a singular wallet for finance, could literally bar these people from even being able to spend money for their food, talk about end of world shit.

Credit and debit will always be a thing long as banks remain relevant, it's just going to take on a new form in a cashless society. Instead of you being provided with a bank card or whatnot, you might just get the number for your bank details or whatever, even more ways for them to cut corners and still provide service, plus they're banks, they can't die down lest it spells economic ruin.

But if you're talking about the future of specific credit providers, that we can't say for sure, most of them are pretty indignant in accepting cryptocurrencies, so things are like a comical tug of war between crypto and banks right now.

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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.

We are talking about the future of Mastercard or Visa, which is currently still in the speculation stage. There is no definite answer about that. But it's okay for discussion.
Mastercare and visas are generally issued by government-owned companies or banks in each country. Of course, what is an asset of the government will be maintained.
We know that the existence of crypto today really helps transactions and guarantees security in the developed blockchain system. Then why is it still difficult for the government to accept crypto, isn't that something good.
If something new becomes commonplace in society, of course what happened before will be abandoned by society.
If the government accepts the blockchain system as the main transaction route, of course transactions at banks will stop, including Visa and Mastercard, and that will be detrimental to the country.

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- I just believe that the time will come when paper money will become obsolete, but that doesn't mean I think that credit cards or debit cards will disappear. This is what I believe I read in the Bible in Revelation. I am not saying this to say that I am becoming a religious person.

Because it is written that the time will come on the last day mentioned in the book when money will no longer be used to buy things that are needed, as long as you have a stamp on your forehead, you will be able to buy everything you want. But for now, since we are in digital currency, I think that is far from happening, and there is no mention of CBDC being referred to.

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Quote from: Hispo on May 25, 2024, 09:35:53 PM

Credit cards and and debit cards won't immediately disappear, people will have the options to open their centralized wallet, but those who won't still will use their cards. Those, with the passing of the years, those cards will be indeed replaced. The end game is to break privacy down and further enhance control over the finances if the people, the average Joe who does not have power of choice on what banks do to his money when deposited...

Of course. That has always been the plan. To control people more by limiting their privacy. And what better way to do this than launching government-backed digital currencies (or CBDCs)? Once plastic cards and paper money are phased out, you can say bye-bye to privacy for good. We would be left with Monero as the only way to achieve true financial privacy.

Payment processing giants like VISA, Mastercard, and even PayPal will only get bigger and stronger than ever. They have nothing to lose. It's an uncertain world out there. Thus, we can only hope for the best. Grin

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Quote from: Dunamisx on May 24, 2024, 09:20:17 AM

The use of debit or credit cards from the gateway payment systems only have the negative vibes of being under a centralized network, which is what most people are now running away from today that make them to adopt the use of bitcoin from a decentralized network,

Running from?
There were 14 billions cards in the world in 2016 and there are now 18 billion, that's a growth of 500 million a year!
You know how this looks compared to bitcoin ownership?
Each year there have been more cards issued on top of what we have than 10x times!!! the number of all addresses with a Bitcoin balance in the entire chain!
Between 2012 and 2024 the number of address with a balance has gone up by 2 million, the number of payment cards has gone up by 1.6 billion!

Who is running from what?

Quote from: Coyster on May 21, 2024, 09:28:48 AM

OP, all that you are asking actually depends on how big of a success CBDC's are going to be in the countries where they'd be launched. My country has already officially launched its own CBDC: e-Naira, and it has been a failure over here and it is definitely not changing anything as regards what we have already been using.

You can't compare Nigeria where 2% use credit cards and 80-90% of transactions are cash based to other countries where cash has gone down to 10-20% and the majority of the population has a debit or a credit card , not to mention the difference in trust population in the US or EU have in their currency compared to African countries.

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Visa and MasterCard are businesses and they are not stupid, they are aware of the risks within the competition when comes to CBDS and the plans of the big governments to implement those digital currencies on the phones and desktop computers of each citizen. In my opinion, the government of the United States does not want neither Visa or Mastercard to suffer a crippling decrease of their value and utility because of the launching of the ce realized CBDCs in the USA, so both Visa and MasterCard will be adopted as operators of the centralized system of the central bank, in order for them not to go bankrupt. After all, those companies have much more experience than the central government when comes to managing a huge volume of transactions per second.

Credit cards and and debit cards won't immediately disappear, people will have the options to open their centralized wallet, but those who won't still will use their cards. Those, with the passing of the years, those cards will be indeed replaced. The end game is to break privacy down and further enhance control over the finances if the people, the average Joe who does not have power of choice on what banks do to his money when deposited...

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Quote from: nngella on May 24, 2024, 11:50:58 AM

I think what you are really saying is the physical card will be obsolete. Well, that might be the case in the near future since most banks and e-wallets are transitioning to QR code. By having only QR code which is in your phone, it is more convenient for the consumer and no need to hold or get a physical card for transaction.

It will not become obsolete really fast, I'm pretty sure that plastic cards usage and utility won't ever be gone for a really long time, and there's going to be a lot of people that will never see the point of using cryptocurrency for their daily transaction, I'm sure that some people would still find credit cards and debit cards as a more convenient way to do transaction, the end that you guys are saying isn't something that will happen in 10 years or 20 years, it's definitely going to end in 50 years time or higher but by that time, we're also probably not using any cryptocurrency or bitcoin for transaction, we would probably have another way to do things. Also, it's going to be a difficult thing for these era of credit and debit cards to ever end because they're a simple concept and the banks and financial institutions are benefiting a lot from these cards that they're going to do whatever it takes to prolong it's utility and need.

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We are talking about a situation that is not really all that different, we are not seeing "end" of debit and credit cards in idea, we are just seeing the shape changing. Like for example back in the day when you had a credit card, it wasn't that simple to use it, you would give it to someone, the shop owner would swipe that in a huge machine, you would sign it, they would call up the bank to get approval etc etc, nowadays you just touch it and it works.

In the near future, your credit card will be in your phone, and you could just read a QR code and that is it, simple as that, which is not really that different, you change the shape of it but the idea is the same and nothing really changes all that much on the long run at all.

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Debit and credit card usage won't come to an end just because of the increasing usage of cryptocurrency and other digital wallets. The features get advanced with the cards, which means waiting to swipe and then giving the pin and proceeding with the payment is now made easier with a tap on the POS. A similar kind of advancement will happen than just taking away the cards from the market. Even if cryptocurrency reaches the mainstream, we'll be able to see more cards getting into the market with the choice of adding money with cryptocurrencies.

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They will still exist in Europe at least because European citizens will be allowed to only hold a small amount of digital Euro unfortunately. Few thousands of Euros at most. So it will be limited. On top of that if your smartphone is out of order you will need a classic plastic card to pay things instead. I don't think this technology will change society in that way because banks are powerful and they are fighting against it actually.

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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.

I don't think physical cards will disappear due to CBDCs, because many people still prefer the physical cards instead of using mobile devices when making payments daily, and I'm one of them. Not every places have internet connection disponible, so I can't use my mobile to execute the payments, therefore I prefer to use the old good offline debit card alternative, otherwise I have to pay some extra costs to keep the internet going on all the time I'm on public areas, and that is not something I'm willing to do, as I consider waste of money...

If middlemen services are going to survive, it's going to depend on how the laws are regulations are going to be passed by the legislative houses of each country. There is a lot of lobby going on these places, so I don't doubt middlemen services will remain. Maybe not Paypal and Mastercard, but something is going to replace them, without any doubts. A free society where people can be autonomous seems not possible to be achieved with the bureaucrats on the reins of our societies.

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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.

I think e-wallets are way more convenient to use than a plastic card but yeah that can only be applied if internet is present in the area and yeah for remote areas ATM is not really an option for now as it can be limited to no access for locals and e-wallets that mostly accepts crypto trading through data connection will be very convenient so far based on my own experience. People nowadays are also more into mobile phones and knows already how to use e-wallets than using a debit card I mean majority knows online transactions compared to ATM transactions.

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Quote from: Dunamisx on May 24, 2024, 09:20:17 AM

The use of debit or credit cards from the gateway payment systems only have the negative vibes of being under a centralized network, which is what most people are now running away from today that make them to adopt the use of bitcoin from a decentralized network, we should also consider that there is more to know about the needs of the people and the services the credit cards organizations offers.

We have no choice other than using the centralised system, even almost 15 years of bitcoin's existence still it's not possible to use it anywhere if we want to. And I don't think credit card will end as long as banks exists and as long as CBDC exists then banks will exist which means as long as CBDC exists the credit card as well as the payment processors will exists.

Topic: The End of Credit/Debit Cards - page 4. (Read 1444 times)