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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

#151

Post by ambicapter »

philipallstar wrote: post #120
somewhatgoated wrote: post #107

Earlier quoted context omitted.

I guess it comes down to who you would trust more - your own government which you have some control over via elections or some (potentially multinational) corporation which you have exactly zero control over?

It's the other way around. You have choice with a company, and people can switch provider very quickly if they are bad. You have very, very coarse-grained control with the government every few years.

Agree to disagree. Lock-in is a thing that companies design for.

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

#153

Post by poody »

Spinfusor wrote: post #67
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…

This is one of the reasons I opt for PayPal in the US when I have the choice. I've been in too many breaches. Direct to bank would be better, but I trust PayPal's security more than a random ecommerce website's security.

No way on PayPal,venmo, or any company associated with Paypal... I got screwed over with an unauthorized transaction on my credit card that was attached to a PayPal account... They refused to acknowledge the transaction as unauthorized... My Credit Card that was charged (Amex) on the otherhand, reversed the transaction within 24hours

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

#154

Post by akdev1l »

abdullahkhalids wrote: post #100
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…

Banks and Visa/Mastercard probably love that you fill out your CC details on an online store, and next time you can just 1-click pay. Probably causes a big jump in revenue/profit. That's why they never innovated much. Of course, it is incorrect, and digital payments everywhere (on a kiosk or online) should be intentional pushes, not pulls.

You could still have this 1-click experience with another system.

Like you could set some rule like “this vendor is approved for charges below $50”. We don’t need the legacy system for that.

(I don’t know if any payment systems can do that atm, just that if we wanted we could make them do that)

Visa seemed not to care too much about fraud though so at some level they do prefer ease of use over security

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

#155

Post by DonHopkins »

jeroenhd wrote: post #106
DonHopkins wrote: post #74

Earlier quoted context omitted.

Certainly better and easier to say than Chipknip!

Funnily enough, the ECB's Digital Euro initiative has a lot in common with the chipknip, except you can now also charge your wallet with larger amounts of money.

Chipknip has the mouth feel of Gnip Gnop.

https://www.youtube.com/watch?v=GX2bqI--c-k

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

#157

Post by lxgr »

chatmasta wrote: post #130

Do Visa/Mastercard make much money in Europe? Most people use debit cards. I’m admittedly not clear on how exchange fees work for those.

Debit cards have scheme fees and interchange rates just like credit cards. Interchange rates for credit and debit cards in the EU are actually very comparable and both very low, which is very different from many other parts of the world (e.g. in the US, debit interchange is effectively a flat fee per transaction).

Visa and Mastercard make money on scheme fees paid to them by both issuers and acquirers (i.e. indirectly merchants), not interchange.

There's an indirect impact of lower interchange rates, as issuers will usually not be willing to pay more than 100% of what they're earning in interchange in scheme fees. Acquirers have no such implicit limit, though.

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

#159

Post by kassner »

I wonder if at some point we’ll be start taking about non-smartphone sovereign payments. The main reason I still use card is to be able to use it without a phone, and the technology of debit cards (around Europe at least) is quite OK. Maybe Europe should have a parallel payment track that is just a new card brand.

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

#160

Post by jeroenhd »

skrebbel wrote: post #72

I'd like to take this opportunity to share with you all that Wero is called Wero because Euro is pronounced "you-ro" and when you share your you-ro it becomes a we-ro.

There's supposedly also an Italian pun based on "vero" in there.

I've heard pretty much every European English-as-a-second-language speaker pronounced the W differently, though, and pronunciation of the E isn't even consistent within native English populations. I can't wait for the "vee-ro? oh, you mean whay-ro" discussions between tourists and stores.

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