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Earlier quoted context omitted.
Yeah, really dumb move on the part of Chase bank. They'd previously marketed their accounts as being geared towards international travelers, but now their cards can't be used in much of the world.
Capital One just switched too.
They didn't just switch. They purchased Discover.
edit: added the "just"
Most, if not all countries have their own domestic payment systems. This is about cross-border payments within the EU. “Breakup” seems a bit exaggerated considering the % of payment volume which might switch to the new system.
Point being that with a cheap alternative, it's actually much more convenient now to use a Visa or Mastercard especially with tap to pay because with competition being so high, the diversity means people allow all payments.
I always find it entertaining to hear people try to argue that what these companies do is soooooo difficult and that's why they're valuable. It's just multiple computers keeping a balance. It's not complicated. No, these companies keep themselves in power not because they've solved such a difficult problem that nobody else can, but because they have a moat which they protect. Time to do away with these foreign entiti…
So Wero is not a credit card, but something more like Venmo? How is it supposed to replace Visa and Mastercard?
Wero are not in the business of issuing cards, though obviously they could get into that business - just like UnionPay did in China. I suspect there would be a lot of inertia there, as card payment fees are capped in Europe anyway.
So Wero is not a credit card, but something more like Venmo? How is it supposed to replace Visa and Mastercard?
Granted, the FAQ entry is rather light in details:
https://support.wero-wallet.eu/hc/en-us/articles/39413057671...
> National pride and competing banking interests repeatedly sabotaged attempts at unification. That's exactly the problem. Several actors have won the market of their country, but only of their country. Will Trump be enough to make the europeans realize that they need to work together, and that an italian win is just as good as a german win?
So Wero is not a credit card, but something more like Venmo? How is it supposed to replace Visa and Mastercard?
Neither are visa/MC for the most part. Mostly debit. ;) this isn’t really about the card anyway but the network behind it.
This is likely to be similar to the existing European payment systems just wider in scope. There are a bunch already it’s just fragmented and country specific. Sepa wero ideal girocard crates bancaires