Topic: The End of Credit/Debit Cards - page 5. (Read 1444 times)

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.

I think that inasmuch as there's still physical cash in circulation, that debit cards will still be relevant, unless when there's no more needs to carry physical cash around, only then will we see a total digital transactions. CBCD is a new innovation that will eventually eliminate physical cash, and I believe that debit card operators like Mastercard and visa will become innovative too to make their services relevant when there's no more cash to withdraw from the ATMs. We're already living in cashless societies, with mobile banking, so the addition of cbdc will not be strange to costumers.

Will CBDC's ever come into existence or are the government satisfied with how the fiat system is operating. Provided the government are those still incharge, we'll always have middlemen so they can tax them, tax the buyer and seller too to make more revenue. The operating days of the debit/credit card might be over but we'll be getting something to replace them with similar mode of operation and not a direct interaction with the central banks. I feel we'll always have payment processors but the only difference is that they might be different from what we have today. The government always loves to be incharge so anything that is getting development has to give them more power and not take power away from them or reduce their power over our finances.


Credit/debit cards are always getting replaced with payment apps that you can make payments with or tap your phone and the payment gets automatically approved. After the central bank digital currency goes public (if it eventually happens) digital cards will also be provided that we'll use for payment and it could still be one of the cards providers or all of them that gets to provide the cards that'll be used. The government will still need the assistance of third party providers to keep everything working perfectly globally.

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.

I'm pretty sure card companies will switch to a virtual model after the launch of CBDCs. Plastic/metal physical cards will become a thing of the past. You'd get a virtual card number and that's it. Just like they've been doing lately. Perhaps, they will make a partnership with the central bank to provide CBDC services for the people. Who knows?

Despite the fact that digital payments will become a part of our daily life in the future, it's going to take a very long time before paper money and plastic cards get phased out. Seniors will be the first ones to reject such a change. Younger generations will embrace the revolution. As long as we're able to experience true financial freedom (through Bitcoin), nothing else matters.

Lol, i thought it was bitcoin that was going to be replaced by CBDC's. According to the governments that are putting plans in place to launch CBDC's in their country, it isn't going to replace paper money. But i am pretty sure they'll really push CBDC's on their citizens, because it helps them to monitor people's finances better.

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. As long as people still have their commercial bank accounts, they'd still use credit/debit cards as they have always done.

I think they will tend to disappear, and in fact they are already changing. The ones I have now don't have a space to sign on the back like they used to. With CBDCs and mobile phones, I think they will disappear.

CBDC's might become a real thing but they wont really that cease to exist or simply they would really be existing together with those CBDC's it would really be that too impossible that these businesses would really be gone to existence just because of such changes.They wont really be letting these things to happen on which their business would be out of nowhere just because been replaced by CBDC's.
WE do know that these institutions are really that long time been used and long time been on existence on which does simply means that they wont really be that losing their position
on this industry.

There might be some changes but doesnt mean that they would be out of existence just becausse of it. We do know that those giants wont really be letting themselves getting
left behind with this game. They would really be neither tending to adapt or tending to create something new.

The origination of this CBDC has already reduced the total usage of plastic cards.The traditional banking systems are the ones that promotes and distributes physical cards and they are committed to issuing the cards to customers so long as their banking systems continues to operate in Progress.
Card use might continue to fall,irrespective of the fact that some people are still comfortable with using it.But cryptocurrencies is currently leading with the transformation that it offers to financial technology.

Well said! if we assess it, it seems that it is impossible or it will take a long time for them to get rid of bank cards because of the new mode of transactions that they will release, besides not all people today have an internet connection when they go out, so sometimes the online/QR scanning cannot be used. payments. There are banks today that can withdraw even without a card using the cardless method, but it's rare that people use it because it's more convenient to have cards in our hands that we can tap or swipe all the time when needed.

Yes, I use it quite often. Most of our phones have this chip type of thing, I do not know the name to be fair and I can't talk about what it is, but basically they provide you to machine, and you just use your mobile phone to "beep" it .

I really don't know how to explain it further because it is a technical thing that I do not really know how any of it works, but I show get my phone closer to their machine and it's paid, that is the system right now. I like it, and I think this could very well open the world for crypto adoption too. We could have crypto companies who have deals with visa/mastercard, that way you keep bitcoin in your account, but you can pay with fiat easily, and this would mean that bitcoin would be accepted everywhere.

With the presence of CBDC, it will not immediately have a significant impact on the use of debit/credit cards, since people will adapt to using this digital currency through their banking/digital wallet applications. It will probably take some time before consumers will adjust to the use of CBDC in their applications, and it is possible that people are still used to their physical debit/credit cards, because they are much more compact to carry and consumers do not need to open their phones just for transactions . But as time goes by people will get used to the app and it will reduce the use of physical cards.

Obviously as though the cards might as well be taken gradually out of existence, the gateways by which it operates might not. As it is, the banks can’t run all them services and still needs this gateways such as quickteller to process these transactions and it would still very much be in use even should the CBDC full materialize and becomes the obtainable in the main stream.

Meanwhile, you don’t really get to operate with the central banks directly, you still will deal with your commmercial banks somehow as, the central banks can’t really do without these units to its activities in position.

It's likely credit card companies will change their business model to survive. Plastic cards will be eliminated, but that doesn't mean they can't issue virtual cards. I'm yet to see how that will work out once CBDCs become public. Maybe they will be the ones offering CBDC services to people instead of the central bank itself? Only time will tell.

With the world moving away from the physical realm, we should expect plastic cards and paper money to become a thing of the past. Everything will be "tokenized" in the future. The question is: Are we prepared for such a drastic change?

It's not 72% it's 90%, they statistics graphs include all population, I doubt 2yo kids would need a phone.
https://www.pewresearch.org/internet/fact-sheet/mobile/?tabItem=5b319c90-7363-4881-8e6f-f98925683a2f
and the ones making the number smaller are in the 65+ category, let's not forget people that are il, have a handicap, or are in prison.


That's not how CBDC currencies will work.
You will not have an account at the Central Bank you will still have a commercial bank account, the central bank will not care about the personal deposits, they will just oversee the issuance of those to the banks. You will still have a bank account, you will still have a credit line, and you will still be able to do the exact same thing as before, the only thing that changes is the settlement process which most of us were anyhow unaware of.
Besides, how would CBDC even replace credit lines?

I argue that although the development of new financial technologies such as CBCD may disrupt traditional banking models such as credit or debit cards, I think it is unlikely that these technologies will completely replace the role of banks in financial transactions.
And people are used to his habits. Even though in the future most payments or transactions can be made via mobile or desktop devices, cash, credit or debit cards are still here and they will all go hand in hand. And it seems like payments using mobile devices have been around for a long time, but that hasn't eliminated credit cards or other plastic cards.

Today, people use virtual cards that they add to mobile wallets and pay via NFC on POS devices - and I don't see why the CBDC would change anything much when it comes to digital payments. In addition, when it comes to the EU, it was said that the maximum amount that a person will be able to have in such a digital wallet will only be EUR 300.

Regardless of what happens, I don't think that big companies will just give up - and neither will central banks just take over their business. There is probably some kind of compromise that will be made to satisfy both parties.

Maybe they (physical payment methods) are going to extinct, as they will get replaced by Micro-Chips being installed inside or under the human's skin. Either way, both of them seems to be scary, so let's just hope they won't occur. I believe that we people are still contented already on what we have now in terms of payment methods and there is no need for the experts to level it up, as it may only do more harm than good.

I still don't think that they will be the caused for the the world to end but it is when the Artificial Intelligence (AI / robots) take over because they can wipe out the entire human race using their special weapons just like on what we see on the movies.

First, the presence of CBDC (Central Bank Digital Currency) can be said to be one of the efforts in the Financial Inclusion system through mobile or desktop applications to make it easier and it also looks to have a fairly good level of security, whether it is used or not, it all depends on Consumer Trust and Habits.

Whether they will continue to survive, of course, an accurate answer does not yet exist, it's just that for credit cards, I believe that over time it will disappear, its use will continue to decrease because too many promos from other providers take our phone contact numbers and quite a lot of additional costs if we use it indeed for value-added services, of course there are also.

Very interesting to discuss of credit/debit cards post CBDC (Central Bank Digital Currency) launch. Through CBDC, individuals can conduct transactions directly via mobile or desktop applications, obviating the need for plastic cards. Such a paradigm shift could alter our relationship with money and banking.

Yet it seems that entities facilitating payments like PayPal, Visa and Mastercard might changed in response. They can pivot towards new technologies, tailor their services to complement CBDC integration or introduce value-added functionalities unachievable through direct CBDC transactions. Their emphasis could also be on security and user protection, an added advantage for customers.

To sum up: even though CBDCs might lessen the dependence on tangible cards, credit and debit cards could still sustain their popularity for ease, security, and reward-based motives. This implies that in spite of the modifications that CBDCs might bring to the realm of payments, credit and debit cards, as well as major payment processors, are expected to endure but would evolve by adjusting and providing more supplementary services related to them.