The End of Credit/Debit Cards - page 6.

franky1

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Quote from: philipma1957 on May 17, 2024, 08:31:18 PM

Quote from: franky1 on May 17, 2024, 08:09:59 AM

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.

when phones have passcodes and app logins.. but 'tap and pay' debit cards can be tapped by someone simply brushing passed you. cards are more vulnerable
there are also cases of ATM card cloning devices that fit to ATM's in a hidden way which also make cards vulnerable
atm cards can also be stolen via pickpickets

yeah but phones can get you killed.

need a finger print.
need face recognition

don’t need you to be alive for that.

hell I have a eight digit code for my phone
my phone has very little financial wealth that it can access.

all for opsec.

At least three people were drugged so that the cell could be opened by face recognition. They died.
Fact happened in NYC.
may have been 2 deaths not 3 see below.

https://www.nbcnewyork.com/news/local/nyc-robbery-crews-eyed-in-more-than-40-manhattan-druggings-and-people-are-dying-officials/4193190/

you wanna talk about whataboutisms

fine lets talk about a plastic card in your back pocket... go explain the security risks
(hint: pick pockets, skimmers, cloners)
(hint: pick-pocketting is easier then hostage taking)

as for the "whatabout internet/battery issues of phones)

simple answer people top up a 'tap and pay' account of under $200 and use a rfid chip, which has a code
this code is to authorise small amounts without the need of the internet/battery of the user
they can even have it as a fob/keyring they just tap onto a device in a retail store if their phone is out of communication
much like tapping a card or them security door fobs

too many people use the what if i cant get on the internet to pay for my stuff when im physically in a store.. the answer is you dont need the internet when physically in the store. as thats what the store has when you approach the counter. you use their PoS system
as for what to do when off line buying stuff online.. well same as now if you cant get online you wont buy anything online

common sense stuff

davis196

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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 can assume that several decades ago, there were people, who thought that plastic cards are the future and cash will become obsolete.
Well, that didn't happen. Maybe the adoption of CBDCs will lead to the same thing. Paper money, plastic cards and CBDCs will exist at the same time and the people will use them without any problem. I think that CBDCs will be used mostly between the central banks and commercial banks, before they get imposed as a means of payment to the entire population.
Your question applies to companies like Paypal as well. The people have plastic cards, why do they keep using Paypal? I guess that Paypal gives them another level of security and convenience for their online purchases.

yhiaali3

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A couple of days ago I read an article about Visa saying that 90% of cryptocurrency transactions are non-organic and that the Visa card is still the most popular option, well that will change soon when banks issue their own central digital currency (CBDC).

Of course, I do not think that debit cards will end forever, but their use will be limited. Do not forget also that most of these cards have recently moved to allow payment in cryptocurrency, and therefore the need to use them still exists to some extent.

philipma1957

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Quote from: franky1 on May 17, 2024, 08:09:59 AM

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.

when phones have passcodes and app logins.. but 'tap and pay' debit cards can be tapped by someone simply brushing passed you. cards are more vulnerable
there are also cases of ATM card cloning devices that fit to ATM's in a hidden way which also make cards vulnerable
atm cards can also be stolen via pickpickets

yeah but phones can get you killed.

need a finger print.
need face recognition

don’t need you to be alive for that.

hell I have a eight digit code for my phone
my phone has very little financial wealth that it can access.

all for opsec.

At least three people were drugged so that the cell could be opened by face recognition. They died.
Fact happened in NYC.
may have been 2 deaths not 3 see below.

https://www.nbcnewyork.com/news/local/nyc-robbery-crews-eyed-in-more-than-40-manhattan-druggings-and-people-are-dying-officials/4193190/

Text

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I think credit/debit cards and payment processors are unlikely to disappear entirely. They will adapt and integrate with new technologies to continue serving their customer base.

It's a wait-and-see situation. The exact impact of CBDCs depends on how they are implemented and regulated. But it's likely a future with both CBDC apps and credit/debit cards, each catering to different needs.

peter0425

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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.

It’s not just the physical thing that credit or debit card offers if you really think about it. There are a lot of other benefits that they offer that CBDCs do not however I am confident to say that it will only be a matter of time before CBDCs also start offering what those credit or debit card offers.

There should be a digital credit/debit card, I feel that that would be revolutionized by one of those banks.

famososMuertos

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If I tell you that bearer checks still exist, from the last century, and they resist dying. It is a society that in its entirety cannot be isolated from analog world, that we are still in that technological transition, the technological benefits that we know of this new millennium are barely being assimilated, we still `'hodl' things from the 20th century, and in fact from hundreds of years. Then, the "Plastico" or the CC, DC have years left.

WillyAp

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Quote from: franky1 on May 17, 2024, 03:28:20 PM

debit/credit cards will slowly fizzle out. replaced by apps

And the people who do not use smart phones?
2021 its about 72% in the US

https://www.statista.com/statistics/201183/forecast-of-smartphone-penetration-in-the-us/
28% duck away and die.

1.5 billion Creditcard incl. debit cards are there in the US in 2021
https://www.statista.com/statistics/245385/number-of-credit-cards-by-credit-card-type-in-the-united-states/
Most likely a few have 3 or 10 Credit/debitcards

The way people forget about non smartphone user is pretty similar to the Venezuelan government.

tsaroz

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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.

Credit and Debit card were a transitional step for cashless transactions. In some places it was nearly skipped as people moved to online and mobile banking. The place where credit/debit cards still are in widely use are international travels. Countries are yet to figure out internationally accepted way of transacting on every of countries. CBDCs could solve that. They could just convert the currency in real time to let users pay everywhere with minimal fees. Another issue with cards, online services of bank are the fees and service charge associated with it. Some people are paying a huge fee just to make it easier to spend their own money. CBDCs could be another transitional step before the whole world accepts crypto as payments.

tabas

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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 so, there will still be cards on that time when CBDCs becomes a hot thing. So, we've got our phones and apps and wallets where the CBDCs are going to be transferred but at the same time, there goes the debit cards that are going to be used as an alternative if ever the app doesn't work well. It typically sets that we've got an alternate use and this is being done by digital wallets and the banks as well so, I don't think that the credit/debit cards will be eliminated just because of this. They'll still exist and they'll be used because not everyone will be fond of these CBDCs.

bettercrypto

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There will come a time when debit cards will be useless, and even money will no longer be useful to get or buy goods. And I read this in the Bible, which I believe is 100% truth.
And we are indeed in the end times.

But no one really knows when it will happen; in fact, I pray that I don't catch these times because it is worrying for my personal feelings. Because this time is approaching the end of the
world or of humanity. And it is really scary in my opinion.

GbitG

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Things you are talking about already exist, you can pay for goods and services with your mobile banking app if the seller has a QR code set for it, or you can make direct transactions to their account they will provide right at the time of payment, you can use a fingerprint-enabled ATM to withdraw cash without having a card these days, all you need is your mobile phone where you will receive an OTP that you will enter in the system.

The reason why cards exist and are widely used even when there are other ways and options to get things done is the delays and timings. When you do something without a card, it would consume more time, with a card, it takes less time and you will be free maybe in a minute instead of 5 minutes when not using a card.

franky1

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debit/credit cards will slowly fizzle out. replaced by apps

but most people think the only option is never die or disappear the day CBDC is released
the real truth is people adapt OVER TIME

for instance governments can introduce charges for banks interacting with visa/mastercard which visa/mastercard then pass onto the customer in the form of charges.. and then banks offer low/no fee for the CBDC spending
and after time just let people choose the cheapest option naturally OVER TIME

banks are not forced by visa/mastercard to interact with visa/mastercard, so banks could once they have their own payment system for people. can start dis-engaging with visa/mastercard, starting with charging visa/mastercard to get access to bank customer details to then offer cards

WillyAp

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cashless society?
About 30% of the population in the 1st World lives with cash and only cash.
In the 3rd world it is about 60 to 80%

The CBDC has about 30 to 60% of acceptance depending on what state we are talking about.
Venezuela: I estimate about 15% would take it.

moneystery

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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.

as far as i understand, cbdc is just digital money that is issued and its circulation is controlled by the central bank and its function is the same as paper money. so functionally, cbdc and ordinary money are the same, only the form is different. and discussing digital payments, isn't the majority of people using them now? it's just that all these payments still use the conventional system, not yet using cbdc. it is possible that when cbdc is launched this conventional system will be replaced. and that is also not a problem for debit cards or credit cards, because these are banking products, and even though most people use payments via smartphone, there is still a lot of use of debit/credit cards, because they are more compact and do not require internet on the user's side.

and discussing whether visa or mastercard will be threatened, it will not be threatened, because they are just third parties who cover user payments, and that makes it easier for people who want to make transactions in many countries globally which are covered by this service. because not all countries in the world have a cbdc system that works together.

iv4n

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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 believe there won't be many changes in the way it works, debit/credit cards won't exist, but as you say there will be an application that will do everything the same as the card but much faster and better. I think that the change that is coming is related to stricter monitoring, so goodbye to any kind of privacy.

Debit and credit cards will always exist in some form, people will never stop depending on some services and their loans/credits. It seems to me that many large companies, including the ones you listed, have more users who use the mobile application than the card itself anyway. Modern times, but I still like to feel cash in my pocket, or Bitcoins in my wallet...

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I don't consider CBDCs a threat to Bitcoin, and I don't think CBDCs are evil per se, but I'm simply sceptical about this whole idea. The idea of CBDCs has been around for years, and it seemed at some point like it was going to get mainstream. But, actually, only a handful of countries are seriously exploring them and have taken any steps to at least conduct pilot testing of them. So, honestly, I don't think they're kicking it off, and I'm sure Visa/Mastercard have a huge lobby to make sure they aren't left out of the game.
For now, I believe that debit and credit cards will remain relevant and widespread simply because CBDCs won't become a big thing.

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Debit & Credit Cards are already getting phased out even before any potential CBDC introduction. Apple Pay & similar are already in use, I actually find them useful & often leave my physical wallet at home & use my phone to make payments. I hope we don’t get CBDCs but for reasons other than Debit & Credit Cards getting discontinued.

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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 doubt credit card will cease to exists unless the government demonetized their fiat and only made their CBDC as legal tender then the user will be left with no other option than using CBDC.

Debit cards are rarely used for big purchases while credit cards are by every rich person because they know they get a lot of rewards like cashback, discounts, tickets, coupons, etc.

Cryptomultiplier

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Unlike the tussle for dominance between fiat and cryptocurrency, credit/debit cards also have to tussle for dominance when CBDC comes into the mix and is vying for more attention from the users.
The CBDC initiative would work well with cryptocurrencies and P2p transactions would become more efficient although it won't be as private and decentralized as the kind of services crypto exchanges do offer, and there might be no much need for credit/debit cards, if cryptocurrencies get accepted or regulated as is the cases for many countries and regions currently using it.

Still, it's an issue of having a means of being connected to the internet and with steady access to the internet that would determine if the idea of CBDC would be as efficient in serving all customers who use credit/debit cards or not.

Topic: The End of Credit/Debit Cards - page 6. (Read 1417 times)