⭐ Merited by The Sceptical Chymist (4)
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 the banks will still play a part in an economy ran by cryptocurrencies, centralized or not. I'd argue that it's going to be even easier for them cause now they can just give out loans and money to everyone without having to give them paperbacks, see my point? Makes it even harder for bad-credit or people who run away from loans to evade them cause now they can be tracked, and if a country/a government mandates using a singular wallet for finance, could literally bar these people from even being able to spend money for their food, talk about end of world shit. 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 will always be a thing long as banks remain relevant, it's just going to take on a new form in a cashless society. Instead of you being provided with a bank card or whatnot, you might just get the number for your bank details or whatever, even more ways for them to cut corners and still provide service, plus they're banks, they can't die down lest it spells economic ruin.
But if you're talking about the future of specific credit providers, that we can't say for sure, most of them are pretty indignant in accepting cryptocurrencies, so things are like a comical tug of war between crypto and banks right now.