Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

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

europeanbusinessmagazine.com

Post reply on HN
Print view View original

651–660 of 1001 posts

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

#651

Post by crossroadsguy »

moomoo11 wrote: post #629
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…

What about a implant that can be placed into your palm? It can carry everything about you and be tied to your pulse so that if you have a panic attack or something as you are being robbed it wipes everything but your name and basic information.

> implant that can be placed into your palm

Might as well make it to the brain while we are at it. Safe when one is brain dead or unconscious. What say?

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

#652

Post by raven12345 »

0xDEAFBEAD wrote: post #631
Esophagus4 wrote: post #179

Sigh The fact that EU sees dependence on American tech in the same way as Russian oil now is saddening and telling. Americans and American companies had it really good - our tech extracted money from the world, and they were mostly willing to pay for it. And it was an incredible advantage to the US. But now, it seems that we are happily throwing all that away, for what benefit I do not yet see. Regardless of whether…

The Europeans spent years scolding us for being warmongers. Then when Ukraine got invaded, they quickly switched to scolding Biden for not warmongering harder in Ukraine. Zero self-awareness. America was called an "enemy of Europe" (before the Greenland stuff) even though it was more generous towards Ukraine than a bunch of European countries, and essentially every country outside of Europe. Polls showed that China h…

Is there a problem? Americans keep saying that China has no combat experience and its weapons have not been proven in actual combat. Is there any doubt that a country that hasn't fought a war in decades is more popular than countries like the US and Russia, which are constantly at war?

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

#653

Post by cyberax »

teh_infallible wrote: post #604
the_fall wrote: post #577

Earlier quoted context omitted.

35 years ago, a good chunk of the current EU was under a Soviet-imposed totalitarian rule. Spain was a dictatorship until 1975. And it's been just 80 years since WWII. 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.

[flagged]

In general, Europe does not subscribe to the US absolutist version of freedom of speech.

At the same time, most European countries are also way more resilient against authoritarian takeover.

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

#654

Post by xngbuilds »

tlogan wrote: post #5

So Wero is not a credit card, but something more like Venmo? How is it supposed to replace Visa and Mastercard?

I believe its similar to PayNow Singapore, UPI India, PromptPay Thailand etc where you register your phone number with your bank app, you can send money to those mobile who are on the same network using your bank app, or use your bank's app to scan a QR when making payment to a vendor. The QR code is actually the vendor's number. There are now cross border link, for example I can send money to someone in India using just his mobile number on UPI.

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

#655

Post by hermanzegerman »

timbit42 wrote: post #594
hermanzegerman wrote: post #466

Earlier quoted context omitted.

After paying 5% Commission to them in the overpriced stores that take it. Great Job, you played yourself

If the store increases prices due to cash back cards, and I don't have a cash back card, then I'm losing. If I have a cash back card, then I'm losing less.

Or you just shop at a store that doesn't accept American Express and charges lower prices.

Amex acceptance is lousy for a reason

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

#656

Post by deadlocked »

altcognito wrote: post #635
teh_infallible wrote: post #604

Earlier quoted context omitted.

[flagged]

They who and what?

They’ll give you a small handful of examples, of which a number occurred in the UK (famously not a member of the EU), most of which were actually arrests for incitement, and of the remainder the majority were thrown out before ever going to trial, or subsequently on appeal.

Very few of the cases they present will have involved citizens being murdered in the streets by the government for exercising their absolute right to free speech.

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

#657

Post by lnxg33k1 »

Archelaos wrote: post #371
joe_mamba wrote: post #316

Earlier quoted context omitted.

>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.

In Italy were already trying to break that division of power, we’ve a referendum that does just that

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

#658

Post by anticodon »

Anonyneko wrote: post #12
computomatic wrote: post #7

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.

Russia switched 100% of its payments seamlessly, no reason for the EU not to do the same. Build up the network and tell banks to use that network even for transactions initiated with Visa/MC cards. At that point cards are still usable, but effectively a piece of identification plastic not directly controlled by Visa/MC anymore.

Russia had roughly ten years to prepare. First talks about building national payment system started around 2010-2012. And it was meeting notable opposition: "why should we care? MC/Visa are good enough, why spend money on national infrastructure".

But yeah, it is amazing that in 2022 nobody here even noticed that MC/Visa left. Even MC/Visa cards haven't stopped working and are working to this day (banks made a rule that cards that expire after 2022 continue to work for several more years so that everybody has time to switch to MIR).

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

#660

Post by kergonath »

the_fall wrote: post #577
Archelaos wrote: post #371

Earlier quoted context omitted.

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.

35 years ago, a good chunk of the current EU was under a Soviet-imposed totalitarian rule. Spain was a dictatorship until 1975. And it's been just 80 years since WWII. 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.

> It always boggles my mind that most Europeans are absolutely convinced that nothing like that could ever happen again.

It’s not that it cannot happen again. It’s that the EU is explicitly built against that and if it happens it will come from the national governments (see Hungary), not the EU.

Post reply on HN