Payment industry is changing for sure … banks also are moving at a quicker pace now challenger banks have opted and created new cloud architecture that smashes the older banks systems.
In all fairness someone leaking the master key is extremely rare and it’s the sort of attack that’s once in a lifetime news. You have to be in a serious position to get those keys and know that do you.
If you think reusing master keys for cards is bad then you’ve got a massive shock to see where that’s common practice haha.
Incidents like this will have a knock on affect and will create some near in future improvements for sure.
Having a payment card converted offers the same benefits and flaws of any normal card (e.g expiry) but this isn’t an easy attack to pull off so shouldn’t be anyone’s day to day.
Tokenisation for payments using Apple/android pay is totally the way forward for most. That’s a switch you can do now without any big difficulties. Those payment methods use a very different process for handling card data and keys.