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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

#121

Post by polytely »

mothballed wrote: post #67
poisonborz wrote: post #53

Earlier quoted context omitted.

In EU most people use direct debit. The term "credit card" is almost synonymous with debit. Chargebacks theoretically exists but they are more complicated, I don't know anyone who ever did that.

How do you deal with fraud and people cleaning out your bank account money rather than OPM of a credit card company? Just have enough spare cash for a burner checking account and wait for the fraud reversal? In the US you'll almost always get your money back if someone defrauds your debit card but you could be in for a painful time if you depend on the money in that checking account until it gets fixed.

can you give an example of being defrauded? I don't really know what people mean when they say that.

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

#122

Post by lxgr »

poisonborz wrote: post #53
freediddy wrote: post #23

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…

In EU most people use direct debit. The term "credit card" is almost synonymous with debit. Chargebacks theoretically exists but they are more complicated, I don't know anyone who ever did that.

Do you mean debit cards? With very few exceptions, you can't pay with direct debit in-store, and for online payments at merchants that don't know/trust you yet as a customer it's also pretty uncommon.

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

#123

Post by tancop »

i hope the thing they roll out is a straight copy of pix from brazil. its fast, reliable, cheaper than debit cards and private (not anonymous but only the central bank can see your info). no corporations involved outside of support contracts and no stupid limits to make banks happy like this new proposal.

and there should be a right to use all payment methods in the constitution or whatever the eu equivalent is. all stores must accept digital euro and physical stores also accept cash. crypto shouldnt be a part of the system but protected from being made illegal in any member state, privacy coins especially.

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

#124

Post by Muromec »

mothballed wrote: post #67
poisonborz wrote: post #53

Earlier quoted context omitted.

In EU most people use direct debit. The term "credit card" is almost synonymous with debit. Chargebacks theoretically exists but they are more complicated, I don't know anyone who ever did that.

How do you deal with fraud and people cleaning out your bank account money rather than OPM of a credit card company? Just have enough spare cash for a burner checking account and wait for the fraud reversal? In the US you'll almost always get your money back if someone defrauds your debit card but you could be in for a painful time if you depend on the money in that checking account until it gets fixed.

SEPA Direct debit still has a confirmation from the account holder. You usually see the pending transaction before it clears and can block it. Some banks (dreadful and hated bunq for example) require an active confirmation from the account holder before it is allowed to clear. Some have a setting hidden somewhere that sets the policy to autoaccept or something else.

I haven't ever seen illegitimate direct debit. I guess you need to have an actual business to issue direct debit orders and bank will show you the door and freeze your money if you start doing funny things. I guess.

Probably the dreadful R word has something to do with it, go figure.

On cards we also have limits and the only time I saw something happening was after being unfortunate enough to pass through ~~the ghet~~ the glorious capital of our continental Empire, majestic city of Brussels. That time the bank tried their best to call me.

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

#125

Post by neilalexander »

petcat wrote: post #31
yreg wrote: post #25

Earlier quoted context omitted.

They mean reliance on US bank cards.

How does that make any sense? You're saying that 75% of Europeans use American bank accounts?

Visa and Mastercard are both US companies and they issue both debit and credit cards. If you have a UK or EU bank account with a Visa or Mastercard, regardless of currency or whether it's debit or credit, you are still ultimately reliant on US companies to clear transactions every time you use it. That's what the EU want to reduce.

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

#126

Post by peterspath »

Also clears the way to control how the digital euros can be spent.

No thanks.

Ideal/Wero is good.

Use my credit cards for larger online payments. Mainly because it has insurance and makes it easy to dispute something.

Last year a large Swedish clothing brand didn’t deliver 400 euros worth of clothing. They said they did. I have nothing. Customer service unhelpful. I disputed it with the bank where I have the credit card. The same day it was fixed.

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

#127

Post by kkfx »

__rito__ wrote: post #95

Can someone tell me why the EU doesn’t develop something like RuPay? Indian UPI gets mentioned a lot, but when Visa, Mastercard didn't agree with data sovereignty rules among other rules, India quickly developed RuPay [0]. Now most debit cards in India are RuPay. CCs stand at 18% share. They also integrate seamlessly to UPI. Why doesn’t the EU consider something like that? They want to jump direct to digital currenci…

It's simple: banks don't want the people they've fleeced to realise that they no longer have a role in the present age. If you let legal tender be exchanged directly via a central bank (which is semi-public by nature), banks lose a huge amount of liquidity that fuels fractional-reserve banking through loans made to generate massive amounts of cash, and without these, the banks are bust.

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

#128

Post by Ylpertnodi »

cloudengineer94 wrote: post #64

Reminder to the people reading this thread and overall comments, that in Europe everyone uses Debit Cards instead of Credit Cards. Credit Card in Europe is very much associated with Debt.

Eu: Most of the people I know use debit rather than credit because we can manage our finances.

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

#129

Post by vrganj »

peterspath wrote: post #126

Also clears the way to control how the digital euros can be spent. No thanks. Ideal/Wero is good. Use my credit cards for larger online payments. Mainly because it has insurance and makes it easy to dispute something. Last year a large Swedish clothing brand didn’t deliver 400 euros worth of clothing. They said they did. I have nothing. Customer service unhelpful. I disputed it with the bank where I have the credit c…

I'd rather have a democratically elected government in control than an unelected company that actively uses its power to censor things it doesnt like. [0]

[0] https://www.theguardian.com/world/2025/jul/29/mastercard-vis...

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

#130

Post by anygivnthursday »

cloudengineer94 wrote: post #64

Reminder to the people reading this thread and overall comments, that in Europe everyone uses Debit Cards instead of Credit Cards. Credit Card in Europe is very much associated with Debt.

Not everyone. We use both and mostly credit card for online payments that we pay off at the end of the month. It has a limit and it is easier deal with potential fraud vs a debit card where your own money goes. But does it matter? All my debit cards are Visa and Mastercard anyway.
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