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.
Yes if central bank launches digital currency there will be no need for plastic cards. then it will be possible to do everything from withdrawing money to paying bills easily anywhere with a mobile phone. While not introducing digital currency, it is possible to avoid plastic cards by increasing the use of MFS. Because many things are now possible through mobile banking, but by updating its services, if international payments can be made in addition to local payments, then the use of plastic cards will reduce a lot. But it will become a very difficult matter to make international payment system through MFS of any country. For this reason it is possible to implement it properly by introducing CBDCs or Central Bank Digital CurrencyDo 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.