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Goodbye Visa and Mastercard: 130M Europeans switching to sovereign payment

lesnumeriques.com

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Re: Goodbye Visa and Mastercard: 130M Europeans switching to sovereign payment

#71

Post by arpinum »

This is the EU equivalent of Zelle, but pushing into merchant payments and owned and run by the banks.

When the telcos tried to compete with the cloud providers by offering OpenStack they learned the business wasn't as simple as offering 10-15 services with some racks. I can imagine the same hidden complexity for payment rails

On the other hand regulations have taken too much power away from merchants and Wero could succeed with more merchant friendly terms. They are doing 3-legged payments so they are not subject to as many European regulations as Visa/Mastercard.

Re: Goodbye Visa and Mastercard: 130M Europeans switching to sovereign payment

#74

Post by DonHopkins »

ramon156 wrote: post #51
mcv wrote: post #43

Wero is basically an EU-wide version of the Dutch iDeal system, which in my opinion is the gold standard of how internet payment should work. I shouldn't have to fill in any card numbers on the site of the merchant (which is unsafe). Instead, the payment should redirect me to my bank, where I authorize the payment through my own bank's security system. I've always been annoyed by the need to type in sensitive card in…

I think any dutchie can vouch that iDeal has been amazing. I would also like to add that Wise has been amazing for american payments. I needed it for Anthropic at the time, and this worked good enough

Certainly better and easier to say than Chipknip!

Re: Goodbye Visa and Mastercard: 130M Europeans switching to sovereign payment

#75

Post by trashb »

BadBadJellyBean wrote: post #10
JumpCrisscross wrote: post #3

Banks in Spain, Italy and Portugal are joining what this article describes as France’s Wero system [1]. («L'initiative française Wero».) Focus this year is on P2P transfers. Commerce is targeted for 2027. Given EuroPA has done a token amount of transactions to date, I’m not sure anyone should hold their breaths. [1] https://en.wikipedia.org/wiki/Wero_(payment)

I wish Wero was a real alternative but it seem to be a thin wrapper around Bank APIs and SEPA instant transactions. It has pretty much non of the functionality that PayPal or other services give. It just makes it easier to send money with a phone number instead of an IBAN. My bank doesn't even support it.

> non of the functionality that PayPal or other services give

What functionality are you looking for exactly?

I use paypal to transfer money to other accounts & pay for online shopping, possibly in other valuta. In my opinion Wero (earlier I used IDeal) is easier then paypal for this purpose

Re: Goodbye Visa and Mastercard: 130M Europeans switching to sovereign payment

#77

Post by mcv »

mytailorisrich wrote: post #70
mcv wrote: post #59

Earlier quoted context omitted.

It works over the internet.

How does it work when you need to pay for something in person? (what contactless is for)

That's what you use contactless for. Different systems have different purposes. Although people have also been known to use Tikkie or other payment request systems for in-person payments. Backed by iDeal, or now Wero.

Re: Goodbye Visa and Mastercard: 130M Europeans switching to sovereign payment

#78

Post by And1 »

Love to see it.

When Canada legalized weed in 2018, the US administration made it clear that they can ban Canadians from the US for life if they have used marijuana in the past. The administration alluded to looking at Canadian's transaction history to facilitate cracking down on this more harshly[1].

It was so clear at that point to me how badly sovereign payments and banking is so needed. FATCA is a thing, I get it, I get the motivation- but allow another country to wield a "cooperation" like a weapon to attack Canada's sovereignty is just further evidence that we need to safeguard our data.

[1] https://globalnews.ca/news/4461315/will-your-cannabis-credit...

Re: Goodbye Visa and Mastercard: 130M Europeans switching to sovereign payment

#79

Post by hirako2000 »

mcv wrote: post #43

Wero is basically an EU-wide version of the Dutch iDeal system, which in my opinion is the gold standard of how internet payment should work. I shouldn't have to fill in any card numbers on the site of the merchant (which is unsafe). Instead, the payment should redirect me to my bank, where I authorize the payment through my own bank's security system. I've always been annoyed by the need to type in sensitive card in…

In fact a unique payment ID (e.g QR) to "push" payment is even safer. No redirect. That's how payment should be. Not an authorization given to pull from us, but the agency for us to push the amount.

Re: Goodbye Visa and Mastercard: 130M Europeans switching to sovereign payment

#80

Post by trashb »

mytailorisrich wrote: post #70
mcv wrote: post #59

Earlier quoted context omitted.

It works over the internet.

How does it work when you need to pay for something in person? (what contactless is for)

You use your bank card or contact less payment from your bank app.

Optionally you scan or get send a payment request, and pay through Wero.

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