241–250 of 811 posts
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It was weird to see them bragging about €6MM volume in the first year.
That number must be wrong? Swish volume during one month was €4759MM as comparison.
Given that each participating country already had existing payment systems, perhaps that number is just international payments?
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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.
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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.
But does this act like a debit account? What I like about a credit card are things like you are buying on credit, not using money in your account directly. So in the case of fraud or issue a chargeback it's been much easier to get credit card transactions reverted rather than get money put back into my debit account. Also I like credit cards for the rewards, cash back or especially travel points. But also things like…
Much of this is funded by inflated interchange fees paid by merchants (and thus inflating the cost of goods for everyone). Ideally you would just pay for the added value you see (fraud protection, charge disputes, supplemental insurance) rather than those costs being externalized to other buyers.
pix as already proven in Brazil - is faster. this system again will be faster & secure & more convenient with less fees.
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Brazil is on the West, fyi.
The new alignment isnt East vs West... But North vs Global South, which Brazil sees itself a part of the South.
Wrong thread?
The comment I see reads like this:
"That sounds a little authoritarian for many Western countries, I imagine."
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> 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.
Yes, but it's a statistically negative sum game for the customer. Visa wouldn't offer such a service if they weren't winning out in the long run, collecting rent on every one of your purchases.
My Brazillian bank charges me 600% yearly interest on credit card purchases.
However, the cost of a lawsuit can quickly offset the costs of a CC. Depending on the state, there may not be a maximum cap on expenses, making lawsuits incredibly expensive. (Whereas having paid by card you could ask for a chargeback instead of needing to sue)
It's also a very time consuming ordeal having to sue vendors in these instances.
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From what I understand, Wero is identical to iDeal, which has been the standard Dutch internet payment system for decades. So I'm a bit surprised to see France claim ownership.
Wero is a initiative of a collection of banks from a handful of countries. Every country already had something like this, in some form of another, and now all these systems are getting merged into a common system. No single country can claim ownership because it's an EU initiative. iDeal was one of the first and relatively easy systems across the EU, but it's hardly the predecessor. Wero also does peer-to-peer transf…
Directly, without Tikkie? That's really interesting. I wasn't aware of that yet. My impression was indeed mostly a rebranding and expansion of iDeal.
But does this act like a debit account? What I like about a credit card are things like you are buying on credit, not using money in your account directly. So in the case of fraud or issue a chargeback it's been much easier to get credit card transactions reverted rather than get money put back into my debit account. Also I like credit cards for the rewards, cash back or especially travel points. But also things like…
Yeah, it's a debit account. I'm in Spain and use Bizum frequently. It's just a "pay from your bank account" system.
You mostly type in your phone number, get a notification (or text, depends on the bank) and open up your banking app and approve the transaction.
You can send money person to person as well.
Many European countries have a similar system. Wero is "just" stitching the national systems together into a EU wide one.
Credit cards with rewards and points are pretty rare in Europe, and if they do exist, pale in comparison to what you can get in the US/Canada. It depends on how you look at it, but it's kinda good. The EU caps credit card transaction fees at 0.3% and debit transactions at 0.2% iirc, versus in the US/Canada where they are frequently 2-3%. In theory this cost is just passed onto the consumer, so paying an extra 2-3% to get 2-3% back in points or whatever.
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> 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.
Yes, but it's a statistically negative sum game for the customer. Visa wouldn't offer such a service if they weren't winning out in the long run, collecting rent on every one of your purchases.
Like, yes, it’s technically a bad deal. But it’s still worth the extra cost for most people