Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Visa and Mastercard: The global payment duopoly (2024)

quartr.com

Post reply on HN
Print view View original

311–317 of 317 posts

Re: Visa and Mastercard: The global payment duopoly (2024)

#311

Post by FpUser »

one-note wrote: post #298
FpUser wrote: post #292

Earlier quoted context omitted.

Cut the BS please. I do not have to use CC when I do not have money and still have perfect credit score. Personally I do use my CC only when there is no other option and I pay it off immediately after making a purchase. My credit score is perfect and I've never spent using CC more than I have on my account.

You’ve been playing the Visa/MC game for 20+ years to achieve a perfect score? You might then agree they have an overly large amount of influence in life?

I did not play game to achieve a score. came naturally. As already said I only use CC when there is no other option.

But yes I do agree that Visa/MC are an abomination and I would prefer them to die. Along with the idea of credit score.

Re: Visa and Mastercard: The global payment duopoly (2024)

#312

Post by tinaclaussen »

rprend wrote: post #285
thimabi wrote: post #49

Earlier quoted context omitted.

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…

Pix, UPI, etc are nationally silo'd and have little risk of spreading around the world. They took over their respective countries because they were government backed and mandatory. The US has its own version of this: government backed, 24/7 instant settlement payment rails (called FedNow). It released in 2023 but adoption is slow because it's not mandatory. Banks are especially slow to support "Requests for payments"…

The other unique bit about the US is we have uniquely strong consumer protection laws and a uniquely large amount of fraud.

This has nothing to do with instant payment. Lets say $1000 is lost from your checking account due to fraud then is it covered by visa or mastercard? consumer protection there is different.

With SEPA or UPI it is irreversible but it is the same like you ACH transfer. If you do a mistake then it is irreversible.

Some people here talk about Amex, VISA or mastercard giving free damage insurance on purchase of consumer items like phone etc. That is not consumer protection. That is more like one gets this free insurance for paying yearly fees or maintaining account.

Another reason for fraud is the use of magnetic stripe based card readers.

Re: Visa and Mastercard: The global payment duopoly (2024)

#313

Post by rldjbpin »

MinimalAction wrote: post #134

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.

> 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.

in a practical sense, UPI is primarily positioned to facilitate digital transactions in a cash-first economy. while it would be nice to have safeguards against scams, especially as qr codes become more ubiquitous by the day. however, paying with cash did not have any inherent safety features either, so it is equivalent in terms of risk imho.

although i do have a personal anecdote of getting a payment reversed when a pos double charged me. i did have receipts and had to wait a few weeks, but in theory it is possible in regular scenarios (i.e. when it is between an individual and a business).

Re: Visa and Mastercard: The global payment duopoly (2024)

#314

Post by crazylogger »

Loughla wrote: post #264
hahn-kev wrote: post #177

Earlier quoted context omitted.

They way it works I don't receive a charge like you do with visa, the merchant presents a code, you scan it when your bank app and then the bank app asks if you want to send # of money to [merchant name], if you don't want to pay it then you don't approve the transfer in your app on your phone. However after the fact there's less options, I've never gone through

That's not really what I asked. What happens if a fraudulent charge happens?

If payments are always approved by the payer with their PIN / FaceID, then the idea of a fraudulent charge is just undefined.

Like you hand cash to someone. The transaction is done at the moment money changes hand. You don't get to call someone to snatch the money back to you against the payee's will.

For online purchase, for example, buyer pays the marketplace (e.g. taobao.com) to temporarily hold the money -> seller ships the goods -> buyer confirms goods are received -> marketplace pays seller. If there is a question, you take it to the marketplace to sort things out according to marketplace & seller policy. Either way, the payment provider doesn't concern itself with any of this - it only routes money according to payer's request.

Re: Visa and Mastercard: The global payment duopoly (2024)

#315

Post by vee-kay »

rprend wrote: post #285
thimabi wrote: post #49

Earlier quoted context omitted.

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…

Pix, UPI, etc are nationally silo'd and have little risk of spreading around the world. They took over their respective countries because they were government backed and mandatory. The US has its own version of this: government backed, 24/7 instant settlement payment rails (called FedNow). It released in 2023 but adoption is slow because it's not mandatory. Banks are especially slow to support "Requests for payments"…

UPI & RuPay are not mandatory, they are completely optional.

Citizens and travelers in India can pay by cash, card, UPI or NetBanking to make offline or online payments. A new or existing customer or a Bank can randomly get (and can anytime request for a replacement card) to Bank to get the ATM/Debit card as RuPay, Visa or MasterCard card. So RuPay card is optional too.

But nevertheless, the technology stacks behind UPI and RuPay have been built to be so versatile, scalable and robust that they now account for 85%+ debit & payment transactions in the nation! India is rapidly heading towards a cashless economy!

Due to the interoperability, scalability and resilience in the technology stacks for UPI & RuPay, these brilliant solutions are now being sought after by other nations, who are eager to buy and leverage these tech stocks to implement their own branded payments systems that will replace Visa, MasterCard, Amex, etc. in those nations.

e.g., UAE has tied up with NCPI (Indian government organisation that implemented and manages UPI & RuPay) as a tech license deal and UAE has already started its own implementation of RuPay, which it has branded as Jaywan. So the Jaywan Debit cards are alternatives to debit cards from Visa, MasterCard, Amex, etc. in the UAE.

Re: Visa and Mastercard: The global payment duopoly (2024)

#316

Post by Doxin »

notpushkin wrote: post #255
sofixa wrote: post #241

Earlier quoted context omitted.

Kind of, but with easier UX - because a SEPA transfer, which is free and instantaneous, still requires the sharing of a bank account number, while Wero works with QR codes, phone numbers, etc. They're also planning to expand it to NFC payments and online payments.

You can make a QR code for SEPA transfers: https://www.europeanpaymentscouncil.eu/document-library/guid... (One of many generators you can try: https://qrcode.tec-it.com/en/SEPA ) Doesn’t seem to be supported too widely though :(

Oh that's neat. FWIW the camera on my android phone doesn't understand that QR code, but my banking app does.

Re: Visa and Mastercard: The global payment duopoly (2024)

#317

Post by gsky »

hdgvhicv wrote: post #224
gsky wrote: post #201

Earlier quoted context omitted.

This is disgusting. Calling the biggest democratic party as authoritarian is nothing but disgusting. Why do you people think you and your opinions are better than majority?

https://www.internationalaffairs.org.au/australianoutlook/in... https://thediplomat.com/2025/04/modis-india-is-a-dangerous-p... https://theprint.in/opinion/authoritarian-streak-among-india... https://www.lemonde.fr/en/international/article/2024/07/04/m... https://www.sciencedirect.com/science/article/abs/pii/S00167... This isn’t a fringe view or “disgusting”

Congress which western countries and liberals adore was the only party ever imposed emergency. Same party which divided the nation and left Hindus to be mascaraed in Pakistan and Bangladesh. Same party made changes to Constitution.

Why the hack has not population exchanged happened in 1947?

If minorities are afraid to live in India, why don't they move to the country that they got in 1947?

Post reply on HN