The End of Credit/Debit Cards

[bettercrypto]

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.

[tabas]

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.

[tsaroz]

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.

[WillyAp]

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.

[famososMuertos]

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.

[peter0425]

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.

[Text]

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.

[philipma1957]

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/

[yhiaali3]

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.

[davis196]

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.

[franky1]

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

[topbitcoin]

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.

[woez]

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.

[lixer]

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.

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.

[Lucius]

~snip~

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.

[bitzizzix]

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.

[stompix]

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.

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.

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.

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?

[Abiky]

Asking about the survival of debit cards differs greatly from asking about the survival of these companies. These companies will likely survive, because they're not directly linked to retail banks, which are the entities that might ultimately fall in terms of economic prosperity, or even cease to exist at some point.

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?

[Smartvirus]

yep. thats kinda the point
also its the move to the cashless society as paper/metal coin currency has costs for banks too

however, CBDC is not a process of the fed/central bank processing everything
imagine it like a multisig that a central bank partners with several commercial services and they multisg units of currency into existence managed by mainly the central bank but agreed by the commercial banks(payment services)

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.

[retreat]

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.