In reply to Philip Cohen.

No, it doesn't. The card number still exists, so all it does is reduce the risk of its loss.

Yes the banks like branded cards, coz they make lots of money off them, but no, it's not what they use to talk, it' just ONE way of making cashless payments.

The infrastructure is old and outdated, the technology is ancient, and the requirements for a middle-man no longer relevant.

Clearly as a critic of disruptive innovation like PayPal etc. you are a fan of the card brands, as is your right, but I'll look to the future of payments, whatever that is.