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Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards

finance.yahoo.com

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Re: Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards

#11

Post by Symbiote »

BadBadJellyBean wrote: post #6

I hope that they don't fall into the same trap that a lot of EU projects fall in to: only solving one problem. My VISA card is not only a convenient payment method, it also forces ATM operators to give me cash without any extra fees. In Germany the EC card used to be THE way of paying with a card but you had to go to the ATMs of your bank, otherwise there would be sometimes pretty ridiculous fees. The kicker was that…

I think ATM fees are unrelated to the card type.

My Danish bank imposed a fee on using an ATM from another bank, until my income was high enough to make me a "premium" customer, then these fees were removed. The card didn't change.

Re: Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards

#12

Post by dewey »

jasonvorhe wrote: post #2

I'm not gonna use CBDC because they'll get hooked up to digital id, no matter what they're "promising" right now. This is just another shitcoin no one asked for.

That's a clear case of perfect being the enemy of good. Are CBDC privacy friendly? No, but it's better than 100% of the credit cards currently being used in Europe being part of the network of two big US companies.

Re: Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards

#13

Post by ipaddr »

BadBadJellyBean wrote: post #6

I hope that they don't fall into the same trap that a lot of EU projects fall in to: only solving one problem. My VISA card is not only a convenient payment method, it also forces ATM operators to give me cash without any extra fees. In Germany the EC card used to be THE way of paying with a card but you had to go to the ATMs of your bank, otherwise there would be sometimes pretty ridiculous fees. The kicker was that…

Using a credit card generally forces you to pay fees and higher interest.

Re: Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards

#14

Post by alejoar »

basisword wrote: post #3
jasonvorhe wrote: post #2

I'm not gonna use CBDC because they'll get hooked up to digital id, no matter what they're "promising" right now. This is just another shitcoin no one asked for.

Aren't your transactions with your bank already hooked up to your identity? >> This is just another shitcoin no one asked for. Giving Europe independence from US payments processors is a huge deal and very necessary.

[flagged]

Re: Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards

#15

Post by BadBadJellyBean »

nemomarx wrote: post #9
BadBadJellyBean wrote: post #6

I hope that they don't fall into the same trap that a lot of EU projects fall in to: only solving one problem. My VISA card is not only a convenient payment method, it also forces ATM operators to give me cash without any extra fees. In Germany the EC card used to be THE way of paying with a card but you had to go to the ATMs of your bank, otherwise there would be sometimes pretty ridiculous fees. The kicker was that…

What does your visa card do to force them to not charge fees? I still see atm fees over here in the us, so it can't just be being visa. I would guess some regulation but you could get that applied to the digital euro too probably?

I don't know how but AFAIK VISA has a contract clause that prohibits the issuing bank from charging their customers fees for using other ATMs.

Re: Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards

#16

Post by basisword »

BadBadJellyBean wrote: post #6

I hope that they don't fall into the same trap that a lot of EU projects fall in to: only solving one problem. My VISA card is not only a convenient payment method, it also forces ATM operators to give me cash without any extra fees. In Germany the EC card used to be THE way of paying with a card but you had to go to the ATMs of your bank, otherwise there would be sometimes pretty ridiculous fees. The kicker was that…

I'd rather they didn't waste time worrying about ATM's. I have used one once in the last 5 years. Almost everywhere I visit regularly doesn't even take cash now. The problem being every requirement you add to something like this is probably years of development time given it's the government(s) involved.

Re: Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards

#17

Post by crimsdings »

jasonvorhe wrote: post #2

I'm not gonna use CBDC because they'll get hooked up to digital id, no matter what they're "promising" right now. This is just another shitcoin no one asked for.

There is no bank account that isn't linked to your id already.

Re: Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards

#18

Post by petcat »

basisword wrote: post #10
petcat wrote: post #4

This seems different than a credit card account though? I buy everything with my credit cards because I don't want to swipe my bank card at random merchants.

A vast majority of card transactions in the EU are done via debit card. Credit card accounts for only around 25% vs debit. And the only place I've swiped my card was once, in the US, about 15 years ago.

> Credit card accounts for only around 25%

If this is true then what will this new "digital Euro" change about the reliance on US credit cards? It seems that the 25% of people that are swiping US credit cards are doing it for the convenience and benefits of using a credit card. Will this digital euro change that?

Re: Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards

#19

Post by amaccuish »

BadBadJellyBean wrote: post #6

I hope that they don't fall into the same trap that a lot of EU projects fall in to: only solving one problem. My VISA card is not only a convenient payment method, it also forces ATM operators to give me cash without any extra fees. In Germany the EC card used to be THE way of paying with a card but you had to go to the ATMs of your bank, otherwise there would be sometimes pretty ridiculous fees. The kicker was that…

It is indeed ridiculous. In the UK all bank cash machines are free no matter which bank you're from. My Girocard charges me 7€ for out of house withdrawals.
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