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Earlier quoted context omitted.
> 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?
They mean reliance on US bank cards.
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…
??? Doesn't Europe already have Wero (iDEAL in Netherlands)? That's a system for making online payments. Money gets directly debited from your bank account. I've always found credit cards stupid. You just want to pay for something, and then suddenly you have a debt. You shouldn't be in debt when you can clearly pay with money you have. Credit card companies advertise with "super easy payments" and "buy now pay later"…
At least in France, most of what people call "credit cards" are actually debit cards.
How does digital euro replace credit cards? That's basically the same as direct debit. It doesn't address the reason why I use credit cards. I use credit cards as a proxy for my bank accounts. I know that my issuing bank will protect me from all fraud so I don't have to worry about losing money if I buy something from a fraudulent merchant. I also know I can do things like chargebacks if I have to. None of this is ad…
I'm with you. While I'm no fan of the risk involved with missing a CC payment, there's a mountain of difference between credit and debit when it comes to fraud. It's literally you trying to get your money back (debit) versus some giant corporation trying to get _its_ money back (credit).
??? Doesn't Europe already have Wero (iDEAL in Netherlands)? That's a system for making online payments. Money gets directly debited from your bank account. I've always found credit cards stupid. You just want to pay for something, and then suddenly you have a debt. You shouldn't be in debt when you can clearly pay with money you have. Credit card companies advertise with "super easy payments" and "buy now pay later"…
(I don’t think the fraud distinction you’re making is as stark in practice: in the US, you’re less exposed to fraud with credit since it’s the creditor’s money, not yours. Reversing a debit transaction in the US is somewhat more involved, albeit for not-good reasons concerning the US’s aging financial infrastructure.)
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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.
You do realize that US payement processor like Visa & MasterCard rely on chip technology from French company (Gemalto, now part of Thales), so these companies aren't independent from EU to start with.
Getting independence from the networks themselves, you only need to create a local competitor ...
And those has been existing for multi-decades in each country. E.g. Carte Bleue(France) Bancomat (Italy), Bizum (Spain), SIBS (Portugal) etc.
Just merge those into a bigger more ambitious network
"EuroPA" is exactly that effort. A digital euro is completely orthogonal to that effort.
Crazy people don't see how dystopian and dangerous the concept of a centralized digital currency is...