241–250 of 317 posts
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The EU is also now pushing WERO https://en.wikipedia.org/wiki/Wero_(payment)
Isn't that (and its predecessor iDEAL) basically a layer on top of SEPA transfers though? (not that that's a bad thing)
This is far from atypical! If you're interested in the prevalence and impact of market consolidation, Matt Stoller talks about it a lot in his BIG newsletter: https://www.thebignewsletter.com/
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I got in this thread with the expectation of seeing a comment like yours, so thank you for that. I think what worries the U.S. more is the likelihood of Pix spreading around the world. It’s such a great public program that I believe many countries will eventually adopt it, or adopt some version of it. In fact, AFAIK some places already have it, like Thailand and Malaysia. Consumers like it because it is widely availa…
> Right now, the only thing that makes credit cards a better proposition is being able to pay without having enough money in the bank, and maybe enjoying greater protection from fraudulent merchants. But I believe even that will change in the future, to the benefit of Pix-like systems. Does Pix offer something like credit card rewards? I understand that you ultimately pay for this through fees that make prices slight…
No, because it's free, there is no high transaction fee to pay for those rewards. And that's ultimately better.
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> Right now, the only thing that makes credit cards a better proposition is being able to pay without having enough money in the bank, and maybe enjoying greater protection from fraudulent merchants. Rewards is another big one and the reason I personally prefer to use credit cards where possible.
Rewards exist because credit card transaction fees to merchants are very high, though. Europe put a limit on those fees and no credit card rewards exist here.
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>" the only thing that makes credit cards a better proposition is being able to pay without having enough money in the bank" I am not sure it is a better proposition if one looks at staggering amounts of debt caused by credit cards
You don’t want to spend money you don’t have? Congrats, your credit score is trash and now you can’t rent a house (let alone buy).
It's a much better system than the dystopian American one where prospective employers and renters check your score, which is built based on a ton of relatively private information, to determine if you're worthy of renting or working. And people have to game the system by minmaxing credit cards to be able to have the chance of renting or even working. It's utter nonsense that doesn't serve anyone other than the credit card companies and credit score bureaus.
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…
I got in this thread with the expectation of seeing a comment like yours, so thank you for that. I think what worries the U.S. more is the likelihood of Pix spreading around the world. It’s such a great public program that I believe many countries will eventually adopt it, or adopt some version of it. In fact, AFAIK some places already have it, like Thailand and Malaysia. Consumers like it because it is widely availa…
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.
So stringent in fact, that RBI shut down PayTM Payments Bank which was most popular market leader in that sector, because PayTM flouted the mandated norms for digital payments and payments banking.
That is also beside the fact that UPI platform has high uptime and rarely faces any outages.
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Can anyone please steel man the opposition argument for Pix?
You can’t create a moat to skim 3% of the economy as a for profit venture.
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That doesn't include debit cards, most people don't want nor need credit cards. I can count on one hand the amount of times I have seen people use cash the past year, basically everyone uses cards. We have VISA and Mastercard with debit, not credit, so it works everywhere.
Sure, but the question was specifically regarding credit cards, not debit cards. In which case, they would be correct in that penetration is appears lower for credit cards in the EU no? Note, I am not suggesting that is a bad thing, I fail to see largely how its a bad think but perhaps I lack enough understanding to see why people not loading up on credit cards is a negative.
Yes, but that's because credit cards aren't needed in the EU (you don't need to build credit, and you get the same protections on both). So it's useless to try to focus on credit cards in particular, it only makes sense to consider debit+credit.
India has had UPI since 2016 now and recently overtook Visa and Mastercards global transaction volume with 650 million transactions per day [1]. These payment processors seem to be basically levying a 1-3% tax on a nations entire GDP and enforcing their own ideas of what transactions should or shouldn't be allowed. With UPI and Pix etc. paving the way and showing its possible, it actually sounds insane to give so muc…
India also has the RuPay system which is a direct competitor to Visa/Mastercard and it has long overtaken Visa as the top provider. It’s also available in many global markets like SEA, GCC and others.
So India is becoming the world leader in digital payments!