131–140 of 317 posts
V/M would love to "but fraud" us sadly the actual payment fraud % is much lower than claimed and easily dealt with by the issuing/receiving banks.
Now this is a "tech company" problem I wish the EU would tackle. Why do these American companies get to decide what I'm allowed to purchase?
Brazil central bank introduced Pix a few years ago. It took over the country as the public basic infrastructure for money transfer. Totally free and instantaneous transactions between people and companies, available to all banks. Then, just last week, the US presidency launched an investigation considering Pix an unfair trade practice against the US. Actions like that may show the current direction of the US governme…
India did great by introducing UPI and subsequently RuPay to face these duopoly behemoths. UPI replaced queues to ATMs in general since one could typically scan a QR code and have the amount transferred in seconds. This is far more modern than ACH equivalents US has. But the downside is that it is a debit transaction; if you're scammed, there is usually no way to retrieve it unless a court orders so.
Earlier quoted context omitted.
Not with the new acts passed this last week. Only established players are in that space now (Also - this is going to get way worse now with fees devaluing the dollar that are now invisible to the average consumer).
Which acts are you referring to? Care to elaborate?
India did great by introducing UPI and subsequently RuPay to face these duopoly behemoths. UPI replaced queues to ATMs in general since one could typically scan a QR code and have the amount transferred in seconds. This is far more modern than ACH equivalents US has. But the downside is that it is a debit transaction; if you're scammed, there is usually no way to retrieve it unless a court orders so.
It feels broadly desirable to have a court decide what is and isn't a scam and perhaps hand out punishment instead of having a private entity act as the judge and executioner.
Earlier quoted context omitted.
People always cite the first-order benefits of this regulation but don't look into anything else. To be clear, I haven't either but what I would look for is: - are real prices cheaper for consumers? - is economic activity higher or lower (i.e. maybe credit cards encourage purchases?) - does making credit cards a less lucrative business lower credit card penetration? - is lowering credit card penetration, particularly…
and along the same lines, how good is the fraud prevention, detection, and recovery?
Earlier quoted context omitted.
About half of the world population has access to some sort of QR based payment system nowadays. India has UPI, China has Ali and Wechat pay. Almost everyone in these two countries can go weeks without having to use cash. In South East Asia, Vietnam is leading QR payments. I live in Ha Noi, and I only carry VND equivalent of $15-20 with me, and it sits in the wallet for ages. Everything from gas stations to restaurant…
Europe (41 countries) has instant SEPA.