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lsc3
Newcomer I

Will Bank Cards Disappear in the Future?

Are credit cards becoming obsolete?

With advancements in mobile payments, tokenization, and modern security features, the days of physical cards and exposed card numbers may be numbered.

This short post explores the evolution of payment security and why a cardless future could be safer and more convenient for everyone

 

More here https://www.linkedin.com/pulse/bank-cards-disappear-future-aleksandr-pavlov-zaoqf 

 

PS: And let's connect! I'll continue post

2 Replies
Caute_cautim
Community Champion

@lsc3 

 

Given the rise in scams, bank fraud at the present time - I don't think we have sufficient controls to eliminate bank cards, given that current systems such as Blockchain are not entirely secure and vulnerable to unknown attacks, including the removal of funds from wallets without anyone knowing it has occurred.

 

Plus we are in a five year change with Post Quantum Cryptography (PQC), it took the Payment Industry six years with resistance to change from SSLV3 to TLSV1.0 which was under attack at the time.   If it took industry ten years to change from the Data Encryption Standard (DES) to Advanced Encryption Standard (AES) - with the probability that that there is one in 7 chance of current encryption standards being compromised - I personally do not hold much chance of this occurring, given human resistance to change let alone solid proof that systems will be trustworthy and ensure the integrity of holders funds etc.

 

Regards

 

Caute_Cautim

 

 

denbesten
Community Champion

Will they go away? No.  Will they change?  Yes. 

 

We have already seen embossed numbers replaced with mag stripes, replaced with chip, and now replaced with tap. Yet, the card still persists.

 

It is easy to add new high-tech gizmos.  The hard part is taking away the old, proven technology.  Cards still have numbers because it is the only practical way to place a phone order.  They have mag-strips because "everyone" can read a strip so it makes a great fall-back plan.  And, swipe technology will stick around for quite a while because it is frequently used for low-risk, price sensitive use cases, such as in-store credit, loyalty cards, etc.

 

You are starting to see stripes being refused unless insert fails three times in a row, and the rules will get more stringent over time. But bottom line is that the retailers want fallback options because if you can not make your card work, they lose the sale and have to pay someone to reshelve your order.

 

The only thing I have seen disappear is the digits being raised.  This probably has more to do with cost than anything else.  Embossed cards are more expensive to make, and in-store imprinters have all but disappeared because they create a paper paper charge slip that is expensive to process.