91–100 of 703 posts
It has many upsides (especially increased acceptance). The only downside: There are no real or good cashback programs (like getting 1-2% back) in Europe because of this.
Fraud protection of credit cards is the root of modern e-commerce. In some ways, Visa and Mastercard are the privatized court systems of the internet. If I end up on a random, self-hosted ecommerce site and decide to make a purchase - what guarantee do I have that the item will show up or be as-described? If I bought something through a bank transfer, reversing that purchase would be incredibly difficult. And, suing…
Fraud protection of credit cards is the root of modern e-commerce. In some ways, Visa and Mastercard are the privatized court systems of the internet. If I end up on a random, self-hosted ecommerce site and decide to make a purchase - what guarantee do I have that the item will show up or be as-described? If I bought something through a bank transfer, reversing that purchase would be incredibly difficult. And, suing…
PayPal are a dick on fraudulent merchant account detection and it’s well know assets can be frozen on a whim, but at this point it’s the one of the few other options.
Huh. Apple-pay? In my college town, credit cards are on the way out.
Apple Pay is using NFC to supply credit card info, but it's still most commonly Visa or Mastercard. Unless you mean the Apple Card, in which case it's a Mastercard.
Earlier quoted context omitted.
This is something I hope a blockchain solution breaks through. A thought on how to do it. 1. Create a stable coin 2. Create a credit card that uses this token 3. Tie using it to some reward, supercharge it with VC if you have to 4. Release a QR payment component where vendors don't have to pay to receive payment, get rewards and payees earn double rewards 5. Integrate that bad boy far and wide Worth noting that Strip…
> This is something I hope a blockchain solution breaks through. Don't worry, Visa and probably Mastercard already have a crypto department. They've been digging into blockchain (and buying startups) for a while now.
I still haven't understood why credit cards companies need to go through this complex multi-hop "settlement" pipeline that takes almost a day for transactions to get "processed". Is it because some banks still depend on mainframes doing batch processing?
> Is it because some banks still depend on mainframes doing batch processing? Pretty much all banks use mainframes to do batch processing. "SFTP runs the world". I got heavy into fintech a couple years ago, and at first I thought "This is all insane." I was coming from a SaaS world where it's easy to think about transactional guarantees with API calls. I finally "got it" when I realized that pretty much all of our fi…
So... what does the crypto provide there that a simple authenticated communication protocol with a few redundant centralized servers doesn't?
Fraud protection of credit cards is the root of modern e-commerce. In some ways, Visa and Mastercard are the privatized court systems of the internet. If I end up on a random, self-hosted ecommerce site and decide to make a purchase - what guarantee do I have that the item will show up or be as-described? If I bought something through a bank transfer, reversing that purchase would be incredibly difficult. And, suing…
The fees are 3% only in the US and the bulk of that is returned to buyers as cash back or loyalty points, and to offset the cost of loan origination and warranties. The EU has capped debit interchange at .2% and credit at .3%, Australia in the low 1s if I recall correctly. They just don’t really have rewards.
We don't have them in Europe, and some people in the USA think they have them.
What they have is crazy high credit card fees and the need to juggle a bunch around to get a few things credit card companies decided to buy for you en masse.
When I buy a $5 latte, I give Visa $0.01. When you do the same, you pay $0.15.
Come the hell on. "REWARDS". Smh.
As far as I understand, Mercado Pago's big thing is installment plans. You can buy almost anything in Brazil "em ate 12x sem juros" or up to 12 installments without fees.
Fraud protection of credit cards is the root of modern e-commerce. In some ways, Visa and Mastercard are the privatized court systems of the internet. If I end up on a random, self-hosted ecommerce site and decide to make a purchase - what guarantee do I have that the item will show up or be as-described? If I bought something through a bank transfer, reversing that purchase would be incredibly difficult. And, suing…
The fees are 3% only in the US and the bulk of that is returned to buyers as cash back or loyalty points, and to offset the cost of loan origination and warranties. The EU has capped debit interchange at .2% and credit at .3%, Australia in the low 1s if I recall correctly. They just don’t really have rewards.
Earlier quoted context omitted.
Fortunately, phones never get lost. Or broken. Or stolen. Or discharge. Or malfunction. Or lock people out for no good reason. I can put a $100 bill through the washing machine and it's still perfectly usable. When I can do that with a phone, maybe I'll switch. I ran a credit card through the washer and dryer last month, and even though it got bent, and the stripe doesn't work anymore, the chip does. And the numbers…
Tech people know how to back up their devices, passwords, photos, etc. Hell most apps are good enough that people are backing up these things without even realizing it.
And even with backups, you still need to buy a new (minimum $100?) device if yours gets lost, stolen, or broken. Should it really cost $100 to replace a payment card? For many of us here, $100 isn't a big deal, but for a lot of people, that amount determines whether or not they eat this week, or manage to pay rent this month.