CBDC will eventually kills bank and credit card companies

[Abhishek012]

Central bank digital currencies will eventually finish all other payment systems and credit cards. Govt will have full control over your spending

WEF has aimed at 2030.. Enjoy life till the party lasts

No, in other countries Central bank digital currencies (CBDC) also use through credit/debit cards.

I think RBI will also allow UPI and RuPay debit/credit card to use our CBDC.

Banks will also issue digital credit through CBDC and we can use through our UPI and RuPay credit cards.

Note - currently, Visa/mastercard is not allow to link with CBDC on any countries (except US), that's why i m include Visa/mastercard. Only local payment system is allowed to link with CBDC.

 

[Paras Jain]

Very thoughtful research done by everyone here. Very good ideas and predictions done here. I hope creditdata and Paras Jain quickly become RBI officials and economic advisors of India and save us from chdc. Dhanya hai aap log.

I really din't understand why you are so emotionally attached to the topic. What is the point of start getting personal here? Just a thought and disagreement. Which doesn't mean you have to get personal.

 

[Paras Jain]

I think a lot of people are just getting too emotional about this topic. Everyone is entitled to their opinions. But there is no point in getting personal and make fun of anyone. The point of this community is to share thoughts and facts. Just because u disagree with someone's thoughts doesn't give you right to make fund or bad mouth. Try to maintain the positive decorum otherwise it doesn't help anyone.

 

[Deleted member 9785]

The risk in digital money can be seen with usa banks collapse. Always diversify in tangible assets like gold, real estate and have decent cash at home for contingencies. Dont put too much money in 1 bank account, open more bank accounts. In India bank deposits insured upto 5 lacs

 

[AsB]

Central bank digital currencies will eventually finish all other payment systems and credit cards. Govt will have full control over your spending

WEF has aimed at 2030.. Enjoy life till the party lasts

Impossible.
1) Govt. cannot have full control on spends. That will not ensure "any" increase of trading & hence GDP of a country
2) Credit cards may go away, but the concept of credit cards are here to stay, and its usage will increase over the years.
3) Yes, We will enjoy till the party lasts. But, not because of Digital Currencies, but because of wars, water shortage, global warming, ice melting and so on....as predicted for 2030 and beyond

 

[iNokia]

Impossible.
1) Govt. cannot have full control on spends. That will not ensure "any" increase of trading & hence GDP of a country
2) Credit cards may go away, but the concept of credit cards are here to stay, and its usage will increase over the years.
3) Yes, We will enjoy till the party lasts. But, not because of Digital Currencies, but because of wars, water shortage, global warming, ice melting and so on....as predicted for 2030 and beyond

You don't understand. He has done his research and predicted a doomsday for us. It's OVER for everyone.

 

[Deleted member 9785]

 

[Deleted member 9785]

The future. Will only take 2 min. Its coming

 

[Slayer]

I'll do anather @scorpio here

@SiddharthR @Chaitanya-a

 

[SiddharthR]

The future. Will only take 2 min. Its coming

Impossible.
1) Govt. cannot have full control on spends. That will not ensure "any" increase of trading & hence GDP of a country
2) Credit cards may go away, but the concept of credit cards are here to stay, and its usage will increase over the years.
3) Yes, We will enjoy till the party lasts. But, not because of Digital Currencies, but because of wars, water shortage, global warming, ice melting and so on....as predicted for 2030 and beyond

I'll do anather @scorpio here


@SiddharthR @Chaitanya-a

Bhai koi to constitution ka article beech me aayega, opposition parties oppose karegi, NGOs jag jayenge, protests honge aur bahut sari chije hongi... Ise rokne k liye kuch to hoga hi
Yeh china thodi hai jaha pr khule aam surveillance hoga aur social score, etc chije hongi.
And abhi demonetisation k regarding SC me case chal Raha hai, & agar uska result gov ke against aaya to achha hi hoga

I have limited knowledge in this, so agar koi law field se hai to batao Hume kuchh, thoda mamla shant ho jayega abhi k liye

 

[Abhishek012]

I heard CBDC (e-rupee) will soon link with UPI.

Already ccavenue payment gateway start supporting CBDC (e-rupee) for online transactions.

In future, Amazon/Flipkart and all e-com webste will accept CBDC (e-rupee).

Already Reliance stores start accepting CBDC (e-rupee).

 

[SiddharthR]

I heard CBDC (e-rupee) will soon link with UPI.

Does this mean we can make payment to existing UPI merchant QRs available, by using CBDC?

 

[lucifer]

I heard CBDC (e-rupee) will soon link with UPI.

Already ccavenue payment gateway start supporting CBDC (e-rupee) for online transactions.

In future, Amazon/Flipkart and all e-com webste will accept CBDC (e-rupee).

Already Reliance stores start accepting CBDC (e-rupee).

but there is no incentive to do it. so why would a person make an effort to use this?

 

[Abhishek012]

but there is no incentive to do it. so why would a person make an effort to use this?

Merchant will pay MDR fees for accepting CBDC (e-rupee) via UPI (or maybe RuPay card will also allow in future).

Direct e-rupee accepting is free, same like physical cash.

But if we use CBDC (e-rupee) through any 3rd party gateways/UPI apps then definitely they will charge MDR fees from merchants.

Does this mean we can make payment to existing UPI merchant QRs available, by using CBDC?

Yes. The implementation will take some time. The CBDC itself is in beta stage.

 

[SiddharthR]

Merchant will pay MDR fees for accepting CBDC (e-rupee) via UPI (or maybe RuPay card will also allow in future).

Won't it be free like UPI, just like UPI working currently?

 

[Abhishek012]

Won't it be free like UPI, just like UPI working currently?

I dnt know. CBDC link with UPI still in discussion stage. Still a long way to go.

Anyways, Merchants were happily paying MDR fees in year between 2016 to 2019. Merchant doesn't care about UPI MDR charges because

UPI MDR charges 90% cheaper than card transactions.

Merchants were paying this MDR fees between the year 2016 to 2019 -

UPI merchant transaction under Rs100 - No MDR

UPI merchant transaction between 101 to 1000 - 0.1% MDR

UPI merchant transaction above Rs1000 - 0.25% MDR.

 

[yolofino]

CBDC is the dystopian nightmare. Good for dictatorial govt and worst for democratic citizens.

 

[iNokia]

Rip India

 

[Credit Karma]

Central bank digital currencies will eventually finish all other payment systems and credit cards. Govt will have full control over your spending

WEF has aimed at 2030.. Enjoy life till the party lasts

Short answer - NEVER.

Long answer will be "HELL NO, it's never gonna happen!"

Think for a moment, RBI managing 1.31 Billion accounts for day to day transactions and providing other banking services for 24/7/365.


That is not what RBI does, at least as per the RBI Act 1934!

So chill and enjoy fighting with your bank customer support assistant for better services till the end of time😂

 

[Deleted member 9785]

Another bank going down - Credit Suisse