Will cryptocurrencies eliminate the need for credit/debit cards in the future?

[Abiky]

Every day, people are getting more used to digital payments with crypto due to the numerous benefits it provides. There are no chargebacks, no middleman, and lower fees. Comparing crypto against traditional credit/debit cards issued by banks, I'd say crypto wins by a long shot. Merchants and businesses are slowly accepting crypto as payment method, so we should see credit/debit cards lose traction in the long run. Even VISA announced that it will be using Blockchain tech for its own benefit.

The way I see this will turn out in the future is that credit/debit cards will cease to exist as they're replaced by stablecoins and decentralized cryptocurrencies like Bitcoin and Ethereum. Maybe VISA, Mastercard, American Express, and Discover will make stablecoins of their own? If credit/debit cards are eliminated, then we'll be on the right path towards a full-fledged cashless society. Instead of carrying with a physical wallet full of paper money or plastic cards, you would only carry a smartphone with a digital wallet containing the coins of your choice.

What do you think? Will cryptocurrencies eliminate the need for credit/debit cards in the future? If not, why? Your input will be greatly appreciated. Thank you very much.

[Sterbens]

What do you think? Will cryptocurrencies eliminate the need for credit/debit cards in the future? If not, why? Your input will be greatly appreciated. Thank you very much.

Since this concerns something that is in the future, maybe my answer will also be wishful thinking. so please forgive my wild speculation So far, the role of cryptocurrencies is still an alternative, and nothing more. Especially where I live, and maybe for 5 to 10 years credit still exists, where conventional transactions are still running. Even though technological sophistication is starting to spread in all directions, it will still be very difficult if a country still wants to take financing from a payments-based economy. I know that paper money is just paper with written and nominal pictures. The logic of thinking about paper money has actually become uncertain in some of the general public regarding the durability of the value behind it which is easy to print to your heart's content.

Back to the growth of cryptocurrencies, if we refer to developed countries, 5 to 10 years it will be very clear how they can implement it well. Paper money payments may disappear and the role of credit cards will obviously be replaced by digital money systems.

[The Cryptovator]

I don't think cryptocurrency will eliminate Visa/Mastercard payment methods. It's because they also provide digital solutions though there is a lot of limitations. You won't imagine a world without paper money at least for more hundred years. Even there is no paper money digital fiat will exist for every nation. This means a master or Visa card will exist this way. Rather than you would get the freedom to load your card through cryptocurrency. That would happen only.

[Yogee]

Is CBDC a cryptocurrency? We may have a different view on this but I don't consider it as one. They are digital versions of fiat currency so no it won't just like how crypto cannot eliminate fiat.

I also don't see people adopting full decenttalization.

[tabas]

That's possible that those payment methods will have their stable coins or they're going to rely on CBDCs by each country that they support. But I don't think that credit and debit cards are going to stop. The thing is that, the more payment methods are going to exist because of this adoption and there could be an adoption also from most banks and credit and debit cards and, one possibility is that they're going to add crypto as an option for it.

[shinratensei_]

There's no need to eliminate credit or debit as this will remain to exist forever even when the centralized economic system will collapse. The thing is when you can spend your crypto through debit or using credit card that can be paid with crypto and why not? Eliminating anything will not solve the problem or make crypto even stronger. The main thing is crypto needs to be integrated with various service like this to make sure if it has more and more utility usage in our real life. These payment methods can be integrated with crypto. Some people are also using this right now with crypto
It's better if all of payment mechanisms can co-exist

[Scripture]

We’re talking about big companies here so I think crypto can’t eliminate them but crypto can compete with them. This is a competition, and the good platform will be on top while the others will stay below. Debit/credit card will stay and serve their purpose because that is the fastest way to access our money in the banks and the banks can’t die as well so for me they have to stay and we have to deal with this.

[Oceat]

I'm not so sure yet since we all know that not all people used to using credit/debit cards or even crypto such as Bitcoin or Ethereum. I think demand will be divided or getting smaller and smaller each year. Businesses would try their best to cope up with the new technology such as Blockchain so I don't think really that this will be phased out in the future.

The new technology is under development and debit/credit card makers would try to catch with the demand the way we see it so does new regulations too.

[rat03gopoh]

Profit takers in the financial sector won't stop chasing users of conventional financial services. I used to think that there would be no lending services other than those offered by certain banks and agencies, and as it seems today that is very much possible in cryptocurrencies. Likewise C/D Cards, this service will gradually adopt blockchain technology so that customers stay at hand.

[Jawhead999]

Bitcoin or altcoins doesn't replace fiat, so it will not eliminate credit and debit cards. Maybe credit and debit cards will be eliminated when CBDC has been widely adopted. To be honest we already can live with cashless society now, you only need a smartphone installed of your mobile banking application or your local e-money. You only need to scan barcode to pay anything, it's cashless.

[rozak]

it is possible that the need for credit/debit cards can be trimmed. if the use of Crypto in the world is getting bigger, so is the adoption for transactions that are getting wider. public confidence in the use of Crypto may increase.
everything will look easier, with an offline or mobile wallet that can be taken anywhere. can be used as a transaction tool anywhere. of course, why do we bring a credit/debit card?
it all depends on how crypto can be used and get a place as a transaction tool or not. if no function accepts crypto transactions, then people will continue to use the same tools.

[DanWalker]

Maybe the government will have CBDC, VISA, Mastercard, American Express will create their own stable coins, but to get out of the world completely cashless, I don't think it's possible. Cash and credit/debit cards will always be needed under certain circumstances.
Crypto needs the internet to be used but nowadays the internet in many places is really unstable and many people in my country they have difficulty using smartphones, it will be very inconvenient for them if they live in a world without cash.

[cryptoaddictchie]

What do you think? Will cryptocurrencies eliminate the need for credit/debit cards in the future? If not, why? Your input will be greatly appreciated. Thank you very much.

For some reason I believe it will not be a legalize alternative for it. Its quite impossible to abolish debit/credit cards system and we all knew that all forms of government would not abort it anf shift to blockchain. Too many companies will be affected by it if ever we goes to that kind of scenario, banks would definitely fall to the ground as blockchain emerge like this.

[sulis sudibyo]

What do you think? Will cryptocurrencies eliminate the need for credit/debit cards in the future? If not, why? Your input will be greatly appreciated. Thank you very much.

can never be removed. visa, mastercard and others contribute to the government. so if they all disappear, the government will lose their income. and they will make every effort to keep them in use. one of them is limiting the influence of crypto. So crypto replacing credit/debit cards is just a dream and will never become a reality.

[molsewid]

can never be removed. visa, mastercard and others contribute to the government. so if they all disappear, the government will lose their income. and they will make every effort to keep them in use. one of them is limiting the influence of crypto. So crypto replacing credit/debit cards is just a dream and will never become a reality.

I believe its impossible that cryptocurrencies will going to eliminate the need of credit/debit cards in the future because this for me sounds like the question if cryptocurrency will going to replace Fiat. These debit/credit card had been part of lives of people and the company behind these are such a big and successful businesses and I would also doubt if government will going to allow this happen because of the revenue that these contribute to the country..

[MAAManda]

Anything is possible, but if you ask me about my point of view, I would say that cryptocurrencies will replace the roles of debit and credit cards, but not entirely, because for general payments it would be very difficult if not regulated, for example. money theft? how about after? Will the user resign themselves to the loss of their money? Of course not, in today's payment types, if something untoward happens like theft, it can all be tracked and then the service provider can block the thief's access.

It can't be done on the Public Blockchain, but it looks like it can be done on the Private Blockchain, therefore lately we often hear about CBDC, this is what will replace traditional finance in the future.

[Odusko]

You are right cryptocurrency is performing better and secured alternative to fiat money services and using cryptocurrency to make payments are far better than using the traditional banking system, but I don't think visa or master card will seize to exist simply because cryptocurrency become an absolute replacement. This may not be possible and also we have already some companies who are offering crypto debits cards for online payment and pos.

[vv181]

A few things I'd like to mention is a merchant and business that slowly accepts cryptocurrenices are mainly dependent on which regulation pressure of the country. Some may accept it as a legal tender, some in the grey area, and in some cases it strictly prohibited. As of now, looking at how difficult cryptocurrencies are being used by a regular user and how most regular Joe is already getting used to using cards, I doubt the rate of demand cryptocurrenices payment are significant.

Regarding the future stance, cryptocurrencies won't likely completely eliminate credit/debit cards. If you mean CBDC, then it may be achievable noting how the government is able to control it.

[takngantuk]

can never be removed. visa, mastercard and others contribute to the government. so if they all disappear, the government will lose their income. and they will make every effort to keep them in use. one of them is limiting the influence of crypto. So crypto replacing credit/debit cards is just a dream and will never become a reality.

I believe its impossible that cryptocurrencies will going to eliminate the need of credit/debit cards in the future because this for me sounds like the question if cryptocurrency will going to replace Fiat. These debit/credit card had been part of lives of people and the company behind these are such a big and successful businesses and I would also doubt if government will going to allow this happen because of the revenue that these contribute to the country..

You're right, after all credit/debit cards are easier to trace, unlike decentralized crypto. that's why the government prefers it. The tax generated from using a credit card is also very large. so it is very difficult to make crypto replace credit/debit cards, because there will be many parties preventing all of that from happening. but there is a chance that crypto will be used as an alternative choice. and I think at the moment crypto is moving towards that possibility.

[pakhitheboss]

It all depends on mass adoption. In countries where Bitcoin has been recognized as a legal tender, I think debit/credit cards are slowly becoming obsolete. I do not think there will be a complete elimination unless the banks close their services. In India, we rarely use debit cards nowadays due to UPI transactions but we are still using credit cards.