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Europe's $24T Breakup with Visa and Mastercard Has Begun

europeanbusinessmagazine.com

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Re: Europe's $24T Breakup with Visa and Mastercard Has Begun

#111

Post by jonplackett »

functionmouse wrote: post #102
eastbayjake wrote: post #97

Earlier quoted context omitted.

I'm a little shocked that of all the comments so far, no one has mentioned the financial risk borne by this whole value chain. OP is operating as if it's just a debit system moving money from one account to another but: - For many consumers there isn't sufficient money in the account to settle all the one-time and ongoing transactions they are liable for -- credit cards are giving you a revolving loan, there's risk i…

I shouldn't have to pay for your usury economy if I'm using cash. If that were really the issue, these companies would have no problems with businesses charging different prices or offering discounts for cash.

Companies did do that - but I belive now it’s not allowed to charge less for cash.

Re: Europe's $24T Breakup with Visa and Mastercard Has Begun

#112

Post by dcrazy »

anal_reactor wrote: post #105
jsiepkes wrote: post #60

Earlier quoted context omitted.

In the Netherlands, before VISA, there already was a national debit card standard called PIN [1]. Sure, times have changed and it's probably not super easy, but it's also not going to be super hard. [1] https://en.wikipedia.org/wiki/PIN_(debit_card)

Fun fact: until about a year ago it was not possible to pay using normal debit cards in most Dutch shops, you had to have a local card. I distinctly remember that AH, Vomar and Jumbo would typically reject foreign cards while Lidl and Dirk would typically accept them. Of course there were exceptions, but that was the rule of thumb. Most Dutch people were unaware of the issue (because Dutch cards worked abroad), and t…

Was V-Pay different from Visa Electron?

Re: Europe's $24T Breakup with Visa and Mastercard Has Begun

#113

Post by glenneroo »

mentalgear wrote: post #35

Would be nice of the EU to provide a digital payment service quasi free of charge - without commercial provider's typical predatory fees and other costs. And don't counter with "privacy" .. it's not like all the American companies already have to provide backend access to their data to the NSA and other 3 letter agencies.

Uhm, the EU already has free instant SEPA transfers? I use it regularly, sadly not all EU banks support it (smaller ones sometimes have issues and have to resort to standard oldschool 2-day transfer, but they are also free).

Re: Europe's $24T Breakup with Visa and Mastercard Has Begun

#114

Post by Beretta_Vexee »

psychoslave wrote: post #66
unmole wrote: post #54

Earlier quoted context omitted.

India built RuPay, China built UnionPay. There's no reason why Europe can't do the same.

France still has CB https://en.wikipedia.org/wiki/CB_Bank_Card_Group

There are equivalents in several European countries. The problem is that these networks are national and not European, let alone global.

National banking players did not want to give up their turf. The European Union had to twist their arms to get them to agree to SEPA transfers, instant transfers, etc.

If banking players cannot agree, then regulation (or the threat of regulation) must be used.

Re: Europe's $24T Breakup with Visa and Mastercard Has Begun

#116

Post by clownpenis_fart »

psychoslave wrote: post #66
unmole wrote: post #54

Earlier quoted context omitted.

India built RuPay, China built UnionPay. There's no reason why Europe can't do the same.

France still has CB https://en.wikipedia.org/wiki/CB_Bank_Card_Group

CB actually have higher security standards than visa.

I once worked at a company doing payment card personalization (its the company who turn blank smart cards into finalized cards on behalf of banks. They print the customers names, emboss the account number, and program the chip and the magstrip)

Every year they had comprehensive security audits from Visa, Mastercard and Groupe Carte Bleue.

One guy there told me that they did the Groupe Carte Bleue audit first, because its the toughest. If they passed it they were sure to pass the others.

Re: Europe's $24T Breakup with Visa and Mastercard Has Begun

#118

Post by niceguy1827 »

eastbayjake wrote: post #97
ekjhgkejhgk wrote: post #8

I always find it entertaining to hear people try to argue that what these companies do is soooooo difficult and that's why they're valuable. It's just multiple computers keeping a balance. It's not complicated. No, these companies keep themselves in power not because they've solved such a difficult problem that nobody else can, but because they have a moat which they protect. Time to do away with these foreign entiti…

I'm a little shocked that of all the comments so far, no one has mentioned the financial risk borne by this whole value chain. OP is operating as if it's just a debit system moving money from one account to another but: - For many consumers there isn't sufficient money in the account to settle all the one-time and ongoing transactions they are liable for -- credit cards are giving you a revolving loan, there's risk i…

Your comment seems to miss the point. It is totally possible to enable the first two of your bullet points without Visa or Mastercard, for example banks could just give lines of credit directly to consumers. Indeed, the myriad of loan products is run without Visa and Mastercard.
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