One could ask why do we even bother with credit card numbers at all? I could imagine a future where we use asymmetric encryption to purchase items and rotate the keys periodically and transparently. If your private key becomes compromised you can authenticate with the issuer the old fashioned way and regenerate the keys. I assume Apple Pay, Google Pay, etc. are using some variation of this scheme (correct me if I am wrong).
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One could ask why do we even bother with credit card numbers at all? I could imagine a future where we use asymmetric encryption to purchase items and rotate the keys periodically and transparently. If your private key becomes compromised you can authenticate with the issuer the old fashioned way and regenerate the keys. I assume Apple Pay, Google Pay, etc. are using some variation of this scheme (correct me if I am wrong).
I think India requires a similar scheme for cards issued there [1], I am unaware of the specific details of how it works.
1. https://news.ycombinator.com/item?id=29587752