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Reuters
Brazil’s central bank chief predicts end of credit cards
BRASILIA (Reuters) -Brazil’s central bank chief Roberto Campos Neto on Friday said he believes credit cards will cease to exist soon due to the growth of the open finance system, through which clients authorize financial data sharing with different institutions. Open finance is a central bank project that has been implemented in phases since 2021. Speaking at an event about cryptocurrencies, Campos Neto projected that, through the system, users will control all aspects of their financial life in one “integrator” on their mobile, rather than having many apps from different banks.
