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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

#211

Post by dgan »

sgjohnson wrote: post #167
petcat wrote: post #13

> A Frenchman using Wero will be able to transfer money to a Spanish friend on Bizum, with the same simplicity as a domestic payment. Have you seen the new money app? It's on Tubu. It's on Weeno. I'm on Dippy but my friend is on Poob. Poob has it for you.

> > A Frenchman using Wero will be able to transfer money to a Spanish friend on Bizum, with the same simplicity as a domestic payment. SEPA Instant Payments also solves that.

I doubt so, because i need to type god-knows-how-many characters by hand, while visually separating them into chunks by 4, then explicitly authorize the receiver. Oh, and explicitly authorise the country

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

#212

Post by kvgr »

And1 wrote: post #78

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…

What makes you think EU will not look into it and block us from buying “bad things”?

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

#213

Post by kccqzy »

jonkoops wrote: post #101
kccqzy wrote: post #64

Earlier quoted context omitted.

There is a 3DSecure system for existing Visa, Mastercard, and American Express. After typing your card numbers, the transaction doesn’t immediately go through but you are also redirected to the bank’s system. Banks can ask you to use a hardware token, an app, or any other second factor to approve the transaction. It’s a shame that this system isn’t ubiquitous for the rest of us not in EU.

> After typing your card numbers Yes, but the whole point of Wero is that you don't have to type in a bunch of info that can be easily stolen. With Wero (and many other international solutions), you just scan a code with your phone, and your banking app handles the transactions. The existing legacy solutions are just duct tape on an existing system.

If this system is ubiquitous stealing your card number would be useless. Your card number becomes a user name like jonkoops that you would have no qualms sharing.

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

#214

Post by antonkochubey »

Xirdus wrote: post #86
kccqzy wrote: post #64

Earlier quoted context omitted.

There is a 3DSecure system for existing Visa, Mastercard, and American Express. After typing your card numbers, the transaction doesn’t immediately go through but you are also redirected to the bank’s system. Banks can ask you to use a hardware token, an app, or any other second factor to approve the transaction. It’s a shame that this system isn’t ubiquitous for the rest of us not in EU.

The problem with 3D Secure is that the merchant can unilaterally decide not to use it, which defeats the whole purpose of 3D Secure.

non-3DS payments are trivial to chargeback, at least in the EU

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

#215

Post by jeroenhd »

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)

In some countries there is a payment system that works by generating QR codes at checkout and scanning those with your phone. I don't know if Wero intends to also support those, but it could make for a direct integration into live checkout.

I think the Digital Euro initiative is closer to replacing contactless payments than Wero is, but it'll depend on the country I think.

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

#216

Post by deaton »

As interesting as this is, it kinda sucks that on Android this is supposed to be locked behind DroidGuard, meaning that you are effectively still stuck with the duopoly unless you are willing to run an unmodified phone or microG happens to be winning the game of whack-a-mole that day.

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

#217

Post by dgellow »

gnfargbl wrote: post #65
kome wrote: post #34

Earlier quoted context omitted.

ahahah! so true. those names are silly. also, French and Spanish can already send money for free via IBAN / SEPA

Ah yes, Pierre will surely have no issues paying for his baguette et croissant by filling in the boulangerie's IBAN on his mobile phone and waiting 15 minutes for them to check receipt.

We have instant bank transfers in Europe. And you can scan a QR code for payment via IBAN.

https://en.wikipedia.org/wiki/EPC_QR_code

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

#218

Post by stronglikedan »

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…

> Instead, the payment should redirect me to my bank, where I authorize the payment through my own bank's security system.

That's basically Paypal and everyone still shits on them.

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

#219

Post by SomeUserName432 »

cfontes wrote: post #60
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…

PIX from Brazil is even better, to be honest. But this is a big improvement over online CC payment. I lived in the NL and Brazil, so I can compare the two, and while iDEAL is pretty good, PIX is easier to understand, explain, and deal with. PIX has more variants, you can use it for recurrent payment, split payments, financing, cashout and almost all things a CC can do nowadays. I would say Tikkie is almost as good an…

> PIX from Brazil is even better, to be honest.

You lack the inherent fraud, bankruptcy and other malicious actor protection that Visa/Mastercard provides.

Bought something online and didn't receive your product? With PIX you're SOL, with Visa/Mastercard you get a chargeback.

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

#220

Post by antonkochubey »

zaphirplane wrote: post #108
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…

The redirect to a bank is worrying, isn’t it trivial to fake redirecting to a fake bank ?

not really, the redirect itself is happening at EMV DS level, not by the merchant himself. Merchant has no idea what bank your card belongs to, so he does not know which bank to redirect you to.
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