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

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

#331

Post by rafram »

ta-run wrote: post #291
rafram wrote: post #168

Earlier quoted context omitted.

UPI would be even better if it were easier for tourists to onboard and use it while traveling in India. The general mindset seems to be that there's enough domestic tourism that making things easy for foreigners isn't that important. I think that really hurts the country's economy.

My comment was more centered around the UX of UPI. But to address your point, there is a separate app for tourists called UPI One World, works as a digital wallet and the UX is similar.

If only it were that simple! UPI One World isn't an app, it's a system that apps can implement, and the implementations, like Mony and Cheq, all have high fees and require you to go to random offices in inconvenient locations to verify your identity in person.

As far as I can tell, all of this is "OK" because the primary target market for UPI One World is NRIs - again, who needs foreign tourists?

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

#333

Post by grey-area »

cryptoegorophy wrote: post #314

Too bad cryptocurrency never took off. Such a missed opportunity

Cryptocurrency didn't actually solve the problems we have, while introducing problems we didn't need to solve, because almost all of them copied Bitcoin. The only problems it solved well was for grifter politicians and criminals skirting financial regulations.

Note this transfer mechanism requires trust in your banking provider, is not pseudo-anonymous, is not decentralised, uses the banking system we already have and doesn't require a whole new 'currency' in order to transfer money.

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

#334

Post by kspacewalk2 »

moralestapia wrote: post #204

Canada chiming in, Interac rules above anything else.

Interac should join this scheme outright or at least become interoperable with it. I'd love to be able to pay for everything on my trips to Europe without using US credit card networks.

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

#335

Post by dvfjsdhgfv »

Lionga wrote: post #310
surgical_fire wrote: post #276

Earlier quoted context omitted.

I certainly trust the EU a lot more than I trust US corporations.

Considering the head of EZB is a convicted criminal with, lets call it interesting, letters to the convicted criminal Sarkozy I am not sure what is plague and what cholera.

Taken into account than of two convicted criminals, Sarkozy went to prison and will probably be sent there again, whereas Trump is running a big country, I'm pretty sure which is which.

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

#336

Post by DanielHB »

JorgeGT wrote: post #188
pimterry wrote: post #123

Earlier quoted context omitted.

> Given EuroPA has done a token amount of transactions to date, I’m not sure anyone should hold their breaths. The Spanish equivalent (Bizum) is merging into Wero is not a token use case, it's absolutely massive here. The absolute standard for peer-to-peer payments, more than 30 million users (>65% of the population), and they already launched contactless terminals for in-person commercial payments this month ( https…

Indeed Bizum is almost default now here in Spain, and for instance the equivalent in Sweden, Swish, is also almost default there. Went trekking into a national park, and the rangers will leave a number to Swish a bit of money if you want to use the fire pits; no other payment means.

I wouldn't say Swish is the default in Sweden because it doesn't support contactless payments. It is widely available though but many, many places only accept card/contactless payments. Of course, Swish is the default for person-to-person transfers, but not for payments.

Opposite is also true, some lower-value places (like fruitstands, street vendors) don't accept card/contactless because they don't want to pay visa mastercard fee.

I have no numbers but I would guess at least 50% of non-cash transactions are still card/contactless. I wouldn't be surprised if this number is 90%.

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

#337

Post by rozap »

sschueller wrote: post #149
philipallstar wrote: post #87

Earlier quoted context omitted.

That sounds a little authoritarian for many Western countries, I imagine.

I trust my government (Switzerland) way more to do the thing that is right for the people and the law then some private company that has the primary goal of making money. It doesn't mean that governments don't make mistakes but the primary goal is to serve its people. That is what government is for in a functioning democracy. A functioning government is of the people for the people.

[flagged]

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

#338

Post by handle584 »

swiftcoder wrote: post #270
Xirdus wrote: post #86

Earlier quoted context omitted.

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

> the merchant can unilaterally decide not to use it If they do so, they are telling the card issuer that they are happy to be on the hook for chargebacks/fraud. It's not an decision without consequences

Comparing to fraud 3DS reduces sales turn over by a lot, and this is the reason why for the most part it is not required in the US, too much friction during check out hurts business.

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

#339

Post by dvfjsdhgfv »

dragontamer wrote: post #231
moralestapia wrote: post #208

Earlier quoted context omitted.

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.

> The new alignment isnt East vs West... But North vs Global South, which Brazil sees itself a part of the South.

Where's Russia and Australia then?

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

#340

Post by gfarah »

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…

Since last year, Colombia has implemented Bre-B, our copy of Brazil’s Pix, and it’s been fantastic. I can’t wait to see it mature to the same level as Pix, and I really hope both systems are eventually linked together.
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