The End of Credit/Debit Cards

[justdimin]

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.

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.

[angrybirdy]

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 don't think that Credit/Debit cards will become obsolete because of the introduction of CBDCs. People are already using phones and computers for banking transactions without intermediaries and it has not stopped the banks from issuing ATM cards. ATM cards have some special functions that will still make them relevant. In my country, there has been a recent increase in ATM use because POS are now popularly used for banking services.  

ATM cards will be helpful when you don't have access to phones or computers. Sometimes there might not be a power supply to charge phones, ATM cards will be the only option to access funds. Operating an ATM might be simpler than using online transactions, so many people still favour ATM cards, especially in developing nations.

The introduction of CBDCs might gradually start reducing the use of ATMs because people might start migrating to CBDCs to cut transaction costs but it will take some time before it will start affecting them adversely. Many countries have not even adopted the CBDCs policy so there will still be a large market for these intermediaries for a long time.

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.

[harapan]

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.

Already the use of credit/debit cards have already reduced since mobile apps banking platforms have been put in place such that everyone can use their mobile phones to makes purchases of goods and other items but there are still payments that requires this credit/debit cards to authenticate payments however this medium of payments have a credit and debit limit which can be frustrating when you want to make large payments or withdrawal that is why Bitcoin will be the end of this debit/credit card because it has not credit limit or withdrawal limit.

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.

[stomachgrowls]

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.

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.

[Don Pedro Dinero]

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 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.

[Coyster]

With the world moving away from the physical realm, we should expect plastic cards and paper money to become a thing of the past.

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.

[Abiky]

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.

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.

[Dunamisx]

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.

[CryptopreneurBrainboss]

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.

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.

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/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.

[Kelward]

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 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.

[nngella]

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.

[jrrsparkles]

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.

We have no choice other than using the centralised system, even almost 15 years of bitcoin's existence still it's not possible to use it anywhere if we want to. And I don't think credit card will end as long as banks exists and as long as CBDC exists then banks will exist which means as long as CBDC exists the credit card as well as the payment processors will exists.

[0t3p0t]

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.

I think e-wallets are way more convenient to use than a plastic card but yeah that can only be applied if internet is present in the area and yeah for remote areas ATM is not really an option for now as it can be limited to no access for locals and e-wallets that mostly accepts crypto trading through data connection will be very convenient so far based on my own experience. People nowadays are also more into mobile phones and knows already how to use e-wallets than using a debit card I mean majority knows online transactions compared to ATM transactions.

[uneng]

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 think physical cards will disappear due to CBDCs, because many people still prefer the physical cards instead of using mobile devices when making payments daily, and I'm one of them. Not every places have internet connection disponible, so I can't use my mobile to execute the payments, therefore I prefer to use the old good offline debit card alternative, otherwise I have to pay some extra costs to keep the internet going on all the time I'm on public areas, and that is not something I'm willing to do, as I consider waste of money...

If middlemen services are going to survive, it's going to depend on how the laws are regulations are going to be passed by the legislative houses of each country. There is a lot of lobby going on these places, so I don't doubt middlemen services will remain. Maybe not Paypal and Mastercard, but something is going to replace them, without any doubts. A free society where people can be autonomous seems not possible to be achieved with the bureaucrats on the reins of our societies.

[Saint-loup]

They will still exist in Europe at least because European citizens will be allowed to only hold a small amount of digital Euro unfortunately. Few thousands of Euros at most. So it will be limited. On top of that if your smartphone is out of order you will need a classic plastic card to pay things instead. I don't think this technology will change society in that way because banks are powerful and they are fighting against it actually.

[KennyR]

Debit and credit card usage won't come to an end just because of the increasing usage of cryptocurrency and other digital wallets. The features get advanced with the cards, which means waiting to swipe and then giving the pin and proceeding with the payment is now made easier with a tap on the POS. A similar kind of advancement will happen than just taking away the cards from the market. Even if cryptocurrency reaches the mainstream, we'll be able to see more cards getting into the market with the choice of adding money with cryptocurrencies.

[el kaka22]

We are talking about a situation that is not really all that different, we are not seeing "end" of debit and credit cards in idea, we are just seeing the shape changing. Like for example back in the day when you had a credit card, it wasn't that simple to use it, you would give it to someone, the shop owner would swipe that in a huge machine, you would sign it, they would call up the bank to get approval etc etc, nowadays you just touch it and it works.

In the near future, your credit card will be in your phone, and you could just read a QR code and that is it, simple as that, which is not really that different, you change the shape of it but the idea is the same and nothing really changes all that much on the long run at all.

[blckhawk]

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.

It will not become obsolete really fast, I'm pretty sure that plastic cards usage and utility won't ever be gone for a really long time, and there's going to be a lot of people that will never see the point of using cryptocurrency for their daily transaction, I'm sure that some people would still find credit cards and debit cards as a more convenient way to do transaction, the end that you guys are saying isn't something that will happen in 10 years or 20 years, it's definitely going to end in 50 years time or higher but by that time, we're also probably not using any cryptocurrency or bitcoin for transaction, we would probably have another way to do things. Also, it's going to be a difficult thing for these era of credit and debit cards to ever end because they're a simple concept and the banks and financial institutions are benefiting a lot from these cards that they're going to do whatever it takes to prolong it's utility and need.

[Hispo]

Visa and MasterCard are businesses and they are not stupid, they are aware of the risks within the competition when comes to CBDS and the plans of the big governments to implement those digital currencies on the phones and desktop computers of each citizen. In my opinion, the government of the United States does not want neither Visa or Mastercard to suffer a crippling decrease of their value and utility because of the launching of the ce realized CBDCs in the USA, so both Visa and MasterCard will be adopted as operators of the centralized system of the central bank, in order for them not to go bankrupt. After all, those companies have much more experience than the central government when comes to managing a huge volume of transactions per second.

Credit cards and and debit cards won't immediately disappear, people will have the options to open their centralized wallet, but those who won't still will use their cards. Those, with the passing of the years, those cards will be indeed replaced. The end game is to break privacy down and further enhance control over the finances if the people, the average Joe who does not have power of choice on what banks do to his money when deposited...

[stompix]

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,

Running from?
There were 14 billions cards in the world in 2016 and there are now 18 billion, that's a growth of 500 million a year!
You know how this looks compared to bitcoin ownership?
Each year there have been more cards issued on top of what we have than 10x times!!! the number of all addresses with a Bitcoin balance in the entire chain!
Between 2012 and 2024 the number of address with a balance has gone up by 2 million, the number of payment cards has gone up by 1.6 billion!

Who is running from what?

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.

You can't compare Nigeria where 2% use credit cards and 80-90% of transactions are cash based to other countries where cash has gone down to 10-20% and the majority of the population has a debit or a credit card , not to mention the difference in trust population in the US or EU have in their currency compared to African countries.