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Goodbye Visa and Mastercard: 130M Europeans switching to sovereign payment

lesnumeriques.com

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Re: Goodbye Visa and Mastercard: 130M Europeans switching to sovereign payment

#191

Post by lxgr »

zaphirplane wrote: post #108
mcv wrote: post #43

Wero is basically an EU-wide version of the Dutch iDeal system, which in my opinion is the gold standard of how internet payment should work. I shouldn't have to fill in any card numbers on the site of the merchant (which is unsafe). Instead, the payment should redirect me to my bank, where I authorize the payment through my own bank's security system. I've always been annoyed by the need to type in sensitive card in…

The redirect to a bank is worrying, isn’t it trivial to fake redirecting to a fake bank ?

Not really, since in modern 3DS implementations, the redirect pretty much only shows a modal saying "check your phone for a notification and confirm this payment there".

Worst case, you'll be entering a one-time code received out of band, e.g. via SMS, and that message will mention what you are consenting to by entering it anywhere, so even MITM attacks are very hard.

The days of entering a static password in 3DS are long gone.

Re: Goodbye Visa and Mastercard: 130M Europeans switching to sovereign payment

#192

Post by SirMaster »

But does this act like a debit account?

What I like about a credit card are things like you are buying on credit, not using money in your account directly. So in the case of fraud or issue a chargeback it's been much easier to get credit card transactions reverted rather than get money put back into my debit account.

Also I like credit cards for the rewards, cash back or especially travel points. But also things like extended warranty coverage and other perks.

Re: Goodbye Visa and Mastercard: 130M Europeans switching to sovereign payment

#193

Post by al_borland »

What does this mean for travel if Visa is not “everywhere you want to be”?

I can’t tell if this is going to replace Visa/Mastercard or be offered in addition to Visa/Mastercard to handle transactions for locals while still allowing transactions to be viable for everyone else who might be passing through.

Re: Goodbye Visa and Mastercard: 130M Europeans switching to sovereign payment

#194

Post by swed420 »

DonHopkins wrote: post #147
swed420 wrote: post #61

Earlier quoted context omitted.

> Who cares at this point. Nothing has ever managed to unite Europeans as effectively as the orange man’s unrelenting torrent of temper tantrums over the past year and a half. > Americans, we know some of you aren’t crazy. Can’t wait for the grown-ups to be in charge again, but in the mean time we’ll be moving on. Assuming by "grown-ups" you mean Team Blue, then you'll be disappointed, because they manufactured conse…

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Re: Goodbye Visa and Mastercard: 130M Europeans switching to sovereign payment

#195

Post by Ronsenshi »

tlogan wrote: post #179

So this is basically the EU version of Zelle? Basically a way to transfer money between parties who already have established trust. Am I understanding that correctly? But I am confused about how this relates to Visa and Mastercard. Those systems are used for payments between parties that have not necessarily established trust.

It's a an all-in-one kind of system where you have p2p payments and traditional online payments (like what you would do when making payment for a product on some e-commerce shop).

Plus some additional features like payments through QR.

Re: Goodbye Visa and Mastercard: 130M Europeans switching to sovereign payment

#197

Post by delfinom »

philipallstar wrote: post #120
somewhatgoated wrote: post #107

Earlier quoted context omitted.

I guess it comes down to who you would trust more - your own government which you have some control over via elections or some (potentially multinational) corporation which you have exactly zero control over?

It's the other way around. You have choice with a company, and people can switch provider very quickly if they are bad. You have very, very coarse-grained control with the government every few years.

You only have a potential choice until a company buys out all its competitors and surpresses the rest.

Re: Goodbye Visa and Mastercard: 130M Europeans switching to sovereign payment

#198

Post by lxgr »

tlogan wrote: post #179

So this is basically the EU version of Zelle? Basically a way to transfer money between parties who already have established trust. Am I understanding that correctly? But I am confused about how this relates to Visa and Mastercard. Those systems are used for payments between parties that have not necessarily established trust.

> So this is basically the EU version of Zelle?

Yes, but more importantly, it's essentially the EU version of Alipay (which can be used for merchant payments as well as P2P transactions).

P2P payments, specifically SEPA Instant bank transfers, have already been instant and free for several years now in the EU, so there's no need for a Zelle alternative (other than maybe for contact discovery without IBAN).

And speaking of Alipay: This is the actual global alternative to Visa and Mastercard that almost nobody in the west is talking about or even aware of. While it used to be mainly used by either inbound or outbound tourists in/from China, it now spans many countries and issuing and merchant banks all over the world, including many in Europe. Wero is many years behind in that regard.

Re: Goodbye Visa and Mastercard: 130M Europeans switching to sovereign payment

#200

Post by krthr »

cfontes wrote: post #60
mcv wrote: post #43

Wero is basically an EU-wide version of the Dutch iDeal system, which in my opinion is the gold standard of how internet payment should work. I shouldn't have to fill in any card numbers on the site of the merchant (which is unsafe). Instead, the payment should redirect me to my bank, where I authorize the payment through my own bank's security system. I've always been annoyed by the need to type in sensitive card in…

PIX from Brazil is even better, to be honest. But this is a big improvement over online CC payment. I lived in the NL and Brazil, so I can compare the two, and while iDEAL is pretty good, PIX is easier to understand, explain, and deal with. PIX has more variants, you can use it for recurrent payment, split payments, financing, cashout and almost all things a CC can do nowadays. I would say Tikkie is almost as good an…

I think Colombian's Bre-B system took heavy inspiration on PIX. It is amazing and so easy to use.
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