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Visa and Mastercard: The global payment duopoly (2024)

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Re: Visa and Mastercard: The global payment duopoly (2024)

#171

Post by seanmcdirmid »

thimabi wrote: post #49
mzitelli wrote: post #17

Brazil central bank introduced Pix a few years ago. It took over the country as the public basic infrastructure for money transfer. Totally free and instantaneous transactions between people and companies, available to all banks. Then, just last week, the US presidency launched an investigation considering Pix an unfair trade practice against the US. Actions like that may show the current direction of the US governme…

I got in this thread with the expectation of seeing a comment like yours, so thank you for that. I think what worries the U.S. more is the likelihood of Pix spreading around the world. It’s such a great public program that I believe many countries will eventually adopt it, or adopt some version of it. In fact, AFAIK some places already have it, like Thailand and Malaysia. Consumers like it because it is widely availa…

Fairly sure QR code based payment systems are pretty common outside of the western world since China popularized it. You cam even hook your credit card up to something like Alipay and get by with minimal extra fees.

Re: Visa and Mastercard: The global payment duopoly (2024)

#172

Post by doikor »

matthewdgreen wrote: post #151
bigDinosaur wrote: post #67

Earlier quoted context omitted.

They're set at whatever the payment networks can get away with. There's nothing that says that's good for anyone else, although it is very good for Mastercard and Visa.

There are several ways to reduce costs underlying payments. One is better IT. Notice that IT infrastructure has improved and dropped in cost by immeasurable amounts since those 3% fees were first instituted. Another way is to reduce card fraud. Notice that we’ve had excellent solutions to many types of fraud for decades now, but online shopping still requires us to enter 16-digit easily-stolen numbers into websites,…

> online shopping still requires us to enter 16-digit easily-stolen numbers into websites, and so fraud is enormously higher than it needs to be

EU partially solved this with PSD2 enforcing two factor authentication for online card purchases.

https://finance.ec.europa.eu/publications/strong-customer-au...

Re: Visa and Mastercard: The global payment duopoly (2024)

#173

Post by [deleted] »

thimabi wrote: post #49
mzitelli wrote: post #17

Brazil central bank introduced Pix a few years ago. It took over the country as the public basic infrastructure for money transfer. Totally free and instantaneous transactions between people and companies, available to all banks. Then, just last week, the US presidency launched an investigation considering Pix an unfair trade practice against the US. Actions like that may show the current direction of the US governme…

I got in this thread with the expectation of seeing a comment like yours, so thank you for that. I think what worries the U.S. more is the likelihood of Pix spreading around the world. It’s such a great public program that I believe many countries will eventually adopt it, or adopt some version of it. In fact, AFAIK some places already have it, like Thailand and Malaysia. Consumers like it because it is widely availa…

[deleted]

Re: Visa and Mastercard: The global payment duopoly (2024)

#174

Post by [deleted] »

Loughla wrote: post #154
55555 wrote: post #141

Earlier quoted context omitted.

I am in Thailand. Fraud is a much smaller issue because it’s a push-based system. You cannot withdrawal from someone else’s account just by knowing the number, unlike with credit cards.

What about fighting charges? In the US, if I flag a charge on my credit card it's immediately cancelled and they deal with it. How does that work?

[deleted]

Re: Visa and Mastercard: The global payment duopoly (2024)

#175

Post by FlyingSnake »

zaptheimpaler wrote: post #94

India has had UPI since 2016 now and recently overtook Visa and Mastercards global transaction volume with 650 million transactions per day [1]. These payment processors seem to be basically levying a 1-3% tax on a nations entire GDP and enforcing their own ideas of what transactions should or shouldn't be allowed. With UPI and Pix etc. paving the way and showing its possible, it actually sounds insane to give so muc…

India also has the RuPay system which is a direct competitor to Visa/Mastercard and it has long overtaken Visa as the top provider.

It’s also available in many global markets like SEA, GCC and others.

Re: Visa and Mastercard: The global payment duopoly (2024)

#176

Post by mitthrowaway2 »

habinero wrote: post #113
skissane wrote: post #8

Earlier quoted context omitted.

> Acting as self appointed global censors. (Eg. not allowing adult games on Steam or Itch.io) It seems extra illogical when you think of how much money they make from subscription adult websites, even brothels-in countries that have legal brothels, I think you’ll find many of them accept credit cards, and Visa and Mastercard don’t appear to have a problem with that

Yeah, it's almost like porn isn't the problem, it's crime and chargebacks. All of those sites use high risk payment processors if they go through the major card networks.

I sincerely doubt that people are issuing chargebacks for Steam store purchases.

Re: Visa and Mastercard: The global payment duopoly (2024)

#177

Post by hahn-kev »

Loughla wrote: post #154
55555 wrote: post #141

Earlier quoted context omitted.

I am in Thailand. Fraud is a much smaller issue because it’s a push-based system. You cannot withdrawal from someone else’s account just by knowing the number, unlike with credit cards.

What about fighting charges? In the US, if I flag a charge on my credit card it's immediately cancelled and they deal with it. How does that work?

They way it works I don't receive a charge like you do with visa, the merchant presents a code, you scan it when your bank app and then the bank app asks if you want to send # of money to [merchant name], if you don't want to pay it then you don't approve the transfer in your app on your phone.

However after the fact there's less options, I've never gone through

Re: Visa and Mastercard: The global payment duopoly (2024)

#178

Post by sunaookami »

qznc wrote: post #19
colesantiago wrote: post #16

So what is the solution to this duopoly except for crypto? I envision a third payment processor that isn't Visa or Mastercard and not even crypto. It isn't Stripe or PayPal either, something completely different. Thoughts?

I hope Wero will spread rapidly in the EU. It is SEPA underneath.

They fumbled the launch badly. Every bank has to integrate it manually and they won't launch integration for merchants until next year.

Re: Visa and Mastercard: The global payment duopoly (2024)

#179

Post by pqs »

mzitelli wrote: post #140
toomuchtodo wrote: post #109

Earlier quoted context omitted.

Europe (41 countries) has instant SEPA.

SEPA is a banking infrastructure layer and it is not consumer focused. Also, only ~60% of European banks adopted it. While Pix was mandatory for all banks to adopt and 80% of Brazilian population already used it.

In Spain we have Bizum. You can send money to any phone number. It's instand and, as I understand, it works on top of SEPA.

Re: Visa and Mastercard: The global payment duopoly (2024)

#180

Post by rossriley »

mzitelli wrote: post #85
thimabi wrote: post #49

Earlier quoted context omitted.

I got in this thread with the expectation of seeing a comment like yours, so thank you for that. I think what worries the U.S. more is the likelihood of Pix spreading around the world. It’s such a great public program that I believe many countries will eventually adopt it, or adopt some version of it. In fact, AFAIK some places already have it, like Thailand and Malaysia. Consumers like it because it is widely availa…

> Right now, the only thing that makes credit cards a better proposition is being able to pay without having enough money in the bank It will not take long. Banks are already offering products with credit on top of the Pix. Furthermore, contactless Pix is now available in Android phones. If we look from the financial and usability aspects, Pix will continue eating the credit card market share. I didn't know Thailand…

I believe the Singapore, Malaysia and Thailand ones are linked too, I noticed last time I went over to Malaysia that they could accept the Singapore PayNow payments too.
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