The End of Credit/Debit Cards

[Hispo]

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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.

[Abiky]

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.

[passwordnow]

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.

[trendcoin]

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.

[eightdots]

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.

[StreakW]

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.

[STT]

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.