Debit / Credit Card payment might be gone by 2030
Being in the crypto and blockchain industry for quite some time, I am reading a lot about the actual banking and financial markets. I have read many articles which predicts credit and debit cards to be gone in the near future.
In a recent article in a South African news report, a prediction is made that Credit Cards might be gone by 2030.
Johannesburg - Credit and debit card payments could likely become obsolete by the year 2030, if digital payment experts are to be believed.
According to Thomas Pays, CEO and co-founder of instant electronic funds transfer service i-Pay, there will soon be no need for cards.
“The numbers speak for themselves - i-Pay has served 1 million customers in South Africa. We expect that number to grow to 3 to 4 million. Within the next 10 years, there will be a drastic shift in the online payment market,” Pays told Fin24.
News Source
There is no talk about Crypto Currency in the article.
I find it very interesting that the article only have references to the PayPal and other online payment ecosystems. There is no mention of Crypto Currency in the article, so the acceptance o this new technology and financial payment system was not taken to account in the article.
I have mentioned in various articles, that more and more people that I meet have knowledge about either Bitcoin and even other crypto currencies. It is like the rest of the world outside the crypto world is starting to wake up to the new ideas. I am not speaking about one or two individuals. In a recent article I asked people from around the world if they are experiencing the same, and many responded that they are also finding more people asking and enquiring about crypt, blockchain and the technologies surrounding that.
I played in a gold day recently, and from the 5 new friends I made on the day, 4 had conversations about blockchain and crypto, without me mentioning it first. In my opinion the time for world acceptance of various crypto and blockchain technologies might not be in the too distant future.
I would love to see the response on how quickly the debit / credit card payment mechanisms might disappear if we bring the acceptance of Crypto into the equation. Not many years ago Cheques, was widely accepted and I wonder how many people on the platform actually know what a cheque book is :)
Happy Steeming!
@jacor i agree to the post you posted and maybe earlier than that card payment will be replaced by the cryptocurrency. Am from india and our country recently legalized bitcoin for knowing its worth in near future. And the platform like @steemig is also helping the growth of cryptocurrency marketing. @naseerbhat
Thank you and have anice day
Thanks for the comment
lets hope so!
Thanks for the comment.
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Well, there's debit/credit cards that use bitcoon (e.g., Payeer).
They might not disappear, but it's very likely they won't hold FIAT currencies as much as today.
Thanks for posting :)
Thanks for the comment @silent.screamer
Honestly, I think credit/debit cards will be gone before that! I'm a bog fan of crypto but thinks it's quite a few years off before it becomes mainstream. My guess - we'll be paying using out phones instead of plastic cards in the next 10 years :)
We just desperately need more "tap and pay" points in SA...
Yep, tap and pay with phones, or your wallet codes on your fingers :D
I have an iPhone but I have a Moto X lying around which I've tested the tap and pay on and it's awesome!! Really wish it worked everywhere here though...
Agree with you, I think smartphones will the next big payment processor... already works in certain areas
Yip, when I was in Australia last it worked EVERYWHERE!! So amazing :)
I agree with what you are saying @cheeto.blue I also think you are correct about crypto. I am just excited :)
Also super excited, but it's gonna take time... Great for us now though as I'm guessing crypto will just climb and climb (in the long run)...
"...quite a few years off before it becomes mainstream."
It could be sooner than we think. With platforms like Steemit, it's very appealing to people like me who were aware of crypto from its inception, but are late adopters because well, it's got a bit of a learning curve. I still don't understand all the workings of it, but it's gotten a lot simpler to be a part of it in recent years.
I am currently working with a company that is launching a new platform in October 2017 that will combine a huge number of social networks and blogs in one application. It will reward users in a new crypto token just for participating. They will most likely launch first in the Third World.
If you want to know more, I did a quick write-up that includes a link to the whitepaper. - http://bit.ly/2uVkvCI
I think platforms like this and Steemit will drive crypto mainstream. There are a ton of people looking for ways to monetize their online activities, and crypto is one of the best in my opinion.
I believe nothing can stop the revolution about to take place in the banking and payment system. People, governments and organizations will only try to fight but no one has ever won the war against technological advancement.
Change is the only constant thing in life and i believe fighting change is like fighting ourselves and we wouldn't succeed at doing that. It might take time but as humans we are conditioned to adapt and as you rightly mentioned, as a 19 year old kid i don't really know how cheques works but i can explain how crypto and blockchain works. It's a sign what you used to be the major is now out of existence
Thanks for a great comment @bania. I do believe the younger guys like yourself has a massive advantage over the older guys like us :)
I've been living in China for 9 years, and am back in the USA for the summer. Recently I had to send some forms in the mail and pay a processing fee -- by check. Credit cards were not an option. I haven't written a check in 10 years. I don't have a checkbook, though I have a US bank account. So I had to buy a money order from a nearby gas station.
Checks are obsolete, but the USA has a long way to catch up with the rest of the world.
:) i can vouch the USA will catch up soon with the rest of the world
I don't think this is possible in the year 2030, 30 years from now maybe...
why not ? :D
This all depends on how much will government with banks fight back. About that no one can be sure, or at least I’m not...
Governments and bankers always want to have centralised control. So they will either want to destroy cryptocurrencies or regulate the movement of Fiat to and from them, which has already happens.
I think they will mostly ignore crypto as they have been doing, hoping to limit the uptake among the wider population.
You’re right. I also think they will ignore it for now. Later though when people realize that Blockchain is better they will unleash a war against it. They will either do it early or succeed, or late and crypto people will fight back. I for instance hope for the latter:).
There are still lots of poor countries & underdeveloped area. where people dont have electricity or internet & without internet/electricity bitcoin transaction is impossible. so it will take i think more time than 2030.
This is very true @kumar.malhotra
Yeah the card might get embedded.. In a body part soon :)
Lol, think about the comments you will get about that :)