261–270 of 333 posts
Earlier quoted context omitted.
Paying with Paypal is as easy as logging in. With Wero/iDeal you always need a phone or a code. People trust PayPal more too.
Loggin into Paypal for me requires a 2FA code sent through either SMS or Whatsapp, both of which require a phone.
Not good. Stripe makes restrictions that PayPal allows (cannabis adjacent, adult adjacent) that Stripe blocks. Many vendors will be negatively impacted by Stripes morality police and selective application of their policies.
Why do people think this? Since when do giant corporations care about morals? As usual, everything is about money. You can be sure that part of the interest in a paypal acquisition is paypal's consumer wallet product which allows them to extend into lines of business that are currently constrained by Stripe's model.
spoiler: visa and mastercard do act as a morality police.
The future is direct payments without middlemen. So consolidation of these legacy players is not unexpected - their revenue whilst sizeable is going to continually decrease every year as people use cards less (Many countries have/are rolling out their domestic app2app or bank2retailer payment system).
What if you are a merchant that needs to sell to O(10) countries? Integrating with each country's domestic payment rail is not feasible.
Earlier quoted context omitted.
3-D Secure has been a fiasco IMO. I can recall when we first tried 3DS in the US and it went over like a lead balloon. Let's jump out of the middle of checkout and go to a page which looks like they're trying to phish your bank account to continue, and by the way, you can just skip it. So customers did, and then merchants followed, except in countries that effectively required it because they cared about fraud. One o…
It's also stupid because most people already have a bank app as 2FA so they could just make approve payments there. And this functionality exists or at least existed but I can count the number of times I have seen it on one hand. Instead my bank went back to randomly denying transactions based on questionable heuristics.
That would be quite a play. Stripe, PayPal, Venmo, Braintree, Xoom all under one umbrella. The Herfindahl-Hirschman Index (HHI) for online card-not-present (CNP) checkout on that is going to be absurdly high and this will take a lot of convincing to beat antitrust. They will probably have to unwind Venmo and Braintree.
The Herfindahl-Hirschman Index is a measure of the concentration of a market based on the market-share of the firms participating in it. Very much like the Simpson's index that tells you the probability of two organisms in a place being of the same type when randomly drawn. It's just \sum_i^n h_{i}^2 sum of squares of market-share. Enjoyed that. Thanks for the discovery.
A pity that HN can't render TeX or MathJax or whatever.
The future is direct payments without middlemen. So consolidation of these legacy players is not unexpected - their revenue whilst sizeable is going to continually decrease every year as people use cards less (Many countries have/are rolling out their domestic app2app or bank2retailer payment system).
The future is direct payments without middlemen. So consolidation of these legacy players is not unexpected - their revenue whilst sizeable is going to continually decrease every year as people use cards less (Many countries have/are rolling out their domestic app2app or bank2retailer payment system).
direct payment can be good, but thats only part of the service.
First, this is not a "card vendors are good" they are a large buisness entity, with their own motivations. Visa/mastercard are outsized and should have proper competition.
THe point of card vendors in the modern era is to provide credit and protection for both consumers and buisnesses.
Credit is provided to allow instant settling of transaction, but it kinda morphs into escrow as well.
But, in the US your level of direct payment options are frankly shite.
In india, direct transfer is free and mostly instant, same in the UK/EU.
THe UK/EU its a bit more unweildy, as you have to know the name, sort and account number of the person you want to pay. however payment is "instant"
The problem is you don't really get fraud or protection. You can pay someone, and if you make a mistake you can phone your bank up and try and get them to reverse it. but there is no guarentee.
Earlier quoted context omitted.
>If it's a card-not-present transaction, Visa or MasterCard is making the bulk of the commission and forcing the vendor to take on the risk of a transaction without a PIN or password. 3DS2 is the solution to that problem.
3-D Secure has been a fiasco IMO. I can recall when we first tried 3DS in the US and it went over like a lead balloon. Let's jump out of the middle of checkout and go to a page which looks like they're trying to phish your bank account to continue, and by the way, you can just skip it. So customers did, and then merchants followed, except in countries that effectively required it because they cared about fraud. One o…
Any idea why they implemented it like that?
In the UK you either get a text from your bank with transaction details and a code to approve it. Or the better ones you just open their app and tap approve.
Earlier quoted context omitted.
Wero has a for merchant/commerce part that integrates with PSPs. For instance Adyen: https://www.adyen.com/knowledge-hub/wero But we aren't there yet.
I don't get why you pointed out that, to be honest. I'm not a merchant. I am a consumer. As a consumer I would like to avoid Master Card / Visa as much as possible and also giving numbers out as much as possible. Paypal allows that and I don't need to use my phone to approve payments. Moreover payment systems that prioritize the needs of merchants usually are horrible for consumers. If Wero becomes such a platform, I…
In term of implementation, WeRo looks more like a response to mobile payments like WhatApp, WeChat, Alipay, ... than a response a provider like PayPal. However, I haven't seen anything that'd limit them from expending support if they wished to.
> and also giving numbers out as much as possible
In Person-to-Person, you don't have to share your number. You can use QRCode (Direct SEPA). I'm not entirely sure of the email implementation, but maybe these do not share the phone number either (Edit: seeing https://support.wero-wallet.eu/hc/en-us/articles/25599201237..., it seems you may be able to do an email-only account). In Person-to-Merchant, I'm not sure what information are shared.
> Moreover payment systems that prioritize the needs of merchants usually are horrible for consumers
Supporting merchants flow to pay is different from prioritizing their needs so I'm unsure where you're going from there. It's also completely separated from Person-to-Person payments. PayPal supports Person-To-Merchant and I wouldn't say they are great for merchant.
Not good. Stripe makes restrictions that PayPal allows (cannabis adjacent, adult adjacent) that Stripe blocks. Many vendors will be negatively impacted by Stripes morality police and selective application of their policies.