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.
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.
Technology renews itself after a certain period of time and different types of services emerge. Even if the situation we assume will replace bank and credit cards happens, the use of bank and credit cards will not end completely. It is very difficult to make some people give up the things they are used to. It is possible to expect something to disappear over a certain period of time rather than disappear completely.
It may be possible that older people do not prefer such a change. There may be people in many parts of the world who have similar preferences. Therefore, if this change is going to happen, it will take time and bank credit cards will not disappear completely.