Controversy: Nubank president says customers could be left without a credit card

In a recent statement, the president of the Central Bank (BC), Roberto Campos Neto, announced that, as technology advances, credit cards may cease to exist. In addition to him, the president and COO of Nubank, Youssef Lahrech, also believes in this prediction.

“The impact of movie streaming on the entertainment industry is similar to the impact of digitalization of payments in banks. Everything has changed. I agree that credit cards could disappear, which is why we are switching to other payment methods, including Pix, BNPL,” the executive told Valor Econômico newspaper.

According to Lahrech, the increase in business volume through Pix shows how much this trend can expand in the future. “I think Pix will affect debit cards first, then credit cards,” he added.

Are credit cards risky?

Despite these predictions, it could still be years before the death of the credit card is truly announced. This is because the tool also offers exclusive benefits, such as installments and international purchases.

There is no denying that Pix will take the biggest slice of the market's financial trading pie. In the words of Nubank's president and director of operations: “I'm very happy that credit cards can be cannibalized”.

Furthermore, the executive believes that with the introduction of the BC's new payment system, banking processes should increase, and the bank's base in Brazil could double due to its vast addressable market.