Central Bank President says credit cards must end

Innovations in the financial market should make credit cards come to an end soon. Understand.

Estimated reading time: 3 minutes

Last Friday (12), Roberto Campos Neto, president of the Central Bank (BC), said that innovations in the financial market should put an end to the credit card “sometime soon”.

“Today, for example, you buy with a credit card, then a family member goes there and buys 15 installments. You receive the bill “5/6” “4/8”, I for example have no idea what is happening. Here you will have everything consolidated, including this system eliminates the need for a credit card. I think the credit card will cease to exist sometime soon.”he said.

Open Finance and Pix

According to Campos Neto, the evolution of the market with Open Finance and Pix, for example, will make it possible for a person’s entire financial life to be accessible via cell phone.

“If I have Open Finance and I know everything you are going to pay and receive, I can design yours, it will generate financial education, a very large improvement in the credit part because people will have an education”said.

Pix is ​​the most used payment method in the country, followed by credit and debit cards, which are in second and third place, respectively.

In the first quarter of 2022, 4.2 billion transactions were registered by the Central Bank by Pix. On the credit card, there were 3.7 billion and debit, 3.6 billion.

digital currency

The creation of Real Digital is under development and is part of the Central Bank’s financial system innovation agenda. In this way, Campos Neto predicts that the launch of the novelty will take place in 2024, although there has been a delay due to the servers strike.

“I would like to have the digital currency working in 2024. We had a small delay because of the strike we had, but I think we can move forward with this”, highlighted.

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About Yadunandan Singh

Born in 1992, Yadunandan approaches the world of video games thanks to two sacred monsters like Diablo and above all Sonic, strictly in the Sega Saturn version. Ranging between consoles and PCs, he is particularly fond of platform titles and RPGs, not disdaining all other genres and moving in the constant search for the perfect balance between narration and interactivity.

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