Is this the end of credit card companies?

Canada is moving to a digital currency that you will spend and collect using your smart phone or computer or other device. More info and the video from the Royal Canadian Mint here: http://alanbestbuys.com/id239.html

If this idea works, will it mark the end of traditional credit cards and debit cards? Or will it create super banks who will have another money transfer system to control?

The Royal Canadian Mint wants the system to handle transactions as small as a penny, similar to spending a penny in your pocket -- if you could find something priced at a penny!

But will a digital money system allow for transactions of only one cent without charging a transaction fee? Will the Royal Canadian Mint become the "transfer agent" putting itself in competition with banks and credit card companies?

Please see my report and the video from the Royal Canadian Mint and please share your ideas.