571–580 of 1001 posts
Once European banks realize how horrible EU is to do business with they will reunite with Visa
European banks operating in EU countries, using Euros, and under the European Central Bank already know things work. Not to mention that some of the alternatives are owned by a consortium of... European banks.
I for one enjoy my cash back points with American Express. This is not a commercial.
After paying 5% Commission to them in the overpriced stores that take it. Great Job, you played yourself
I am also about to score life time golf status at one of the airlines. Yes thank you
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Internal transactions all over the world are routed through US companies. I have paid using Visa or Mastercard at some point in Australia, Indonesia, India, Frnce, Sri Lanka, Singapore, Dubai..... its not exclusive, but there is a problem with network effects. From the point of view of a business why should they add support for a new payment system no one users, from the point of view of consumers why should they sig…
It's a problem for two reasons. First of all it means American companies get access to a lot of privileged information. Secondly, them pushing foreign morals eg sexual content or services being blocked. If there were an EU card system id certainly sign up for it and demand from vendors that they support it. I don't want my data ending up in America especially these days. The network effect will work out fine because…
Network effects are very powerful.
You might care enough about privacy but most people have given up.
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> They are taking a percentage point or two on the entire consumer payment system. Visa/MC make about 0.1-0.13% of each transaction, not a 1-2%. The rest of the interchange (the vast majority) goes to the issuing bank.
Doesn't it depend on the country? Payments with Visa and MasterCard work very differently in various countires. In Poland you can pay 0.01€ with credit card and the seller will happily oblige. In Germany even few Euros they prefer to be paid in cash.
Patio11 doesn't name names or give precise figures, but: https://www.bitsaboutmoney.com/archive/how-credit-cards-make...
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On Portugal we have the Multibanco network, which already provided Internet like services for buying stuff on the terminals and eventually graduated to have online payments as well, however only in Portugal. Likewise, in Germany we can have SEPA for most stuff. And in Greece there is Viva. Problem is getting something that actually works across all European countries.
The problem isn't just getting something that works across all European countries. It's getting something that works globally. While we may make most of our payments within EU, basically everyone still occasionally pays for something outside of EU, either online or when they travel. This means if the new thing only works in EU, every European will still need and have a MasterCard/Visa even if they use it less often t…
If you build it on IBAN it already works everywhere.
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>No one should be required to carry an attacker-controlled tracking device What about being required to carry a your-own-government-controlled tracking device? Because the US or Chine government can't harm me in Europe via the data they collect from me, But the EU authorities can if they want to, so naturally I fear them more if they were the ones hoovering my data. What are the odds they're using this on-shore tech…
The odds are very low. It all depents on the people. So far, the European citizens are very privacy senstive. The European institutions are characterized by a huge devision of power. There is no chance that European instutitions can impose their will against a considerable majority of people. If people turn away from liberal democracy, that's another matter. But then everything is lost anyway.
It always boggles my mind that most Europeans are absolutely convinced that nothing like that could ever happen again. Meanwhile, many people in the US are convinced that the government will be coming for them any minute now.
The article briefly touches this point but dismisses it saying wero and the digital euro complement each other, but doesn't go into detail on how. I see no point in a privately run digital currency when we can have a public one. I guess whichever has good privacy, reliability, ease of use and speed will win.
So Wero is not a credit card, but something more like Venmo? How is it supposed to replace Visa and Mastercard?
The concept of a physical card is obsolete. That North Americans and western Europeans for a good part still use them is just stickiness of the infrastructure, and habits. Developing countries have mostly leapfrogged to total contactless payments. In South Aast Asia, you typically scan a QR code and approve a payment from your own phone. Far less fraud as a result. Nobody is able to touch your card, you don't have on…
We have progressively absorbed single function items into a mobile computer.
Watch, notepad, calendar, phone, flashlight, camera, dictionary, encyclopedia, etc.
The issue with declaring single function items as obsolete is that it removes redundancy and really sets us all up for an increasingly more critical single point of failure in our pocket.
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The odds are very low. It all depents on the people. So far, the European citizens are very privacy senstive. The European institutions are characterized by a huge devision of power. There is no chance that European instutitions can impose their will against a considerable majority of people. If people turn away from liberal democracy, that's another matter. But then everything is lost anyway.
> There is no chance that European instutitions can impose their will against a considerable majority of people The EU commission just passed chat control to have government mandated software in every phone
The most recent related information I could find was some movement to extend the temporary derogation of the ePrivacy Directive, which expires on 2026/04/03, to 2028/04/03 but even that did not seem to have passed yet. [2]
The very fact they're trying to extend the temporary derogation hints to me that they think it'll take some time yet to pass Chat Control (if at all).
[1] https://oeil.europarl.europa.eu/oeil/en/procedure-file?refer...
[2] https://oeil.europarl.europa.eu/oeil/en/procedure-file?refer...