Europe's $24T Breakup with Visa and Mastercard Has Begun

Post by Freak_NL » Tue, Feb 10, 2026, 6:33 PM UTC

joevandyk wrote: post #82

ericmay wrote: post #45

Earlier quoted context omitted.

> 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. I don't know that the problem is sophisticated, but it's certainly complex [1]. It's a bit of both in terms of complexity and defending a moat, which all businesses do, including, and especially European ones. And companies like Visa, Mastercard, Ame…

This last summer, I couldn’t use my US-issued Visa or Mastercard credit card in most places in the Netherlands. Had to use debit.

Post by olalonde » Tue, Feb 10, 2026, 6:33 PM UTC

eastbayjake wrote: post #97

ekjhgkejhgk wrote: post #8

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…

I'm a little shocked that of all the comments so far, no one has mentioned the financial risk borne by this whole value chain. OP is operating as if it's just a debit system moving money from one account to another but: - For many consumers there isn't sufficient money in the account to settle all the one-time and ongoing transactions they are liable for -- credit cards are giving you a revolving loan, there's risk i…

Post by mrits » Tue, Feb 10, 2026, 6:35 PM UTC

coffeebeqn wrote: post #251

fodmap wrote: post #57

(Almost?) all these EU efforts to be independent from the USA are born with a fatal flaw. They require you need to be an Apple user or a Google user.

Next step EU can force phone manufacturers to offer root access so we can start the year of the Linux mobile

Post by ignoramous » Tue, Feb 10, 2026, 6:36 PM UTC

digiown wrote: post #257

severino wrote: post #135

Whatever they come up with, I hope it doesn't tie you to a Google or Apple smartphone. Can't we have cards for this? In Spain, for example, to use Bizum, you need either an Android/iOS smartphone (and for the Android case, as you use it from your bank's app, it would typically require some Google security assurances - so no Huawei phones allowed, for example) or logging into your bank's website and use Bizum from the…

This is really a human right issue. No one should be required to carry an attacker-controlled tracking device, especially not for interacting with the government. It's funny that the EU uses all this mobile attestation BS more than the US does. So much for sovereignty and consumer protection. No monopoly Google can build is as good as the government forcing you to accept their terms.

Post by gdulli » Tue, Feb 10, 2026, 6:38 PM UTC

hearsathought wrote: post #296

gdulli wrote: post #166

Earlier quoted context omitted.

I use my credit and debit cards the same way today as I did before smartphones existed. I never invited the extra surveillance middleman of Google/Apple into my transactions. And the convenience of tapping or swiping a plastic card is simpler than using my phone anyway. Is this not possible in Spain?

> I never invited the extra surveillance middleman What's an extra layer of surveillance? Why accept the "credit and debit" surveillance middlemen but not the google/apple middlenmen? What the world needs are "cash cards". Something equivalent to cash not tied to your identity that you can use in the real and virtual world. I simply do not understand why governments or the private sector do not provide such options.