If all you have been using this card for is to convert offline transactions to online transactions for WWMC & CRMC, the, yes, this card is pointless now. Actually, I would suggest that it has always been pretty pointless for that purpose. Between UOB PPV, VS & HSBC Revolution, I have $4k per month of 4 mpd via paywave, which is more than enough for most monthly offline expenditures.
But for the rest of us, this card is useful on so many other levels & will continue to hold a place in our wallets. & no, the 0.5% is not the killer function.