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Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards

finance.yahoo.com

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Re: Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards

#331

Post by reddalo »

tlogan wrote: post #181
PNewling wrote: post #169

Earlier quoted context omitted.

As an outsider: which countries lean which way? I'm curious how things trend where and I didn't even really know that debit was used by a majority in certain places (Countries? Regions? Historical based delimiters?).

Germany is very debit-card oriented (with no interest of switching). The Netherlands seems similar. Eastern Europe and the Balkans are also mostly debit-card oriented, but people seem more open to switching to credit cards (if they can get one - especially the younger generation). Ireland and the U.K. seem much more credit-card oriented than rest of Europe. Turkey is also very CC oriented (kinda strange - was not exp…

Italy is also super oriented on debit cards. People call them "credit card" because they don't know the difference, or even "Bancomat" which is the brand name of the most used Italian debit card network.

Italians don't really care about credit cards, they just want to pay with their "Bancomat" card.

Re: Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards

#332

Post by pjc50 »

harrouet wrote: post #311

"Digital Euro"... Do people realize that maybe 90% of money is already digital, i.e. sitting as bytes and numbers on banks' computers ? It seems to me that the actual problem that the EU is trying to solve it to find a tech managed by the ECB but that leaves space for the banks to keep existing in payment. They make a significant amount of money from Visa/Mastercard payments. But we don't need payment terminals anymo…

> We don't need Visa or Mastercard: just route payment instructions from payee's bank to payer's bank.

That sounds simple, but yet is basically nowhere as a payment infrastructure.

Various countries have their own low friction payments, like Norways' Vipps; we "just" (hah) need to combine them into one European Voltron of payments.

Re: Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards

#334

Post by reddalo »

tmtvl wrote: post #261
peterspath wrote: post #126

Also clears the way to control how the digital euros can be spent. No thanks. Ideal/Wero is good. Use my credit cards for larger online payments. Mainly because it has insurance and makes it easy to dispute something. Last year a large Swedish clothing brand didn’t deliver 400 euros worth of clothing. They said they did. I have nothing. Customer service unhelpful. I disputed it with the bank where I have the credit c…

Wero is good? The company which is only reachable by snail mail, whose services are only accessible through devices running operating systems from the American megacorporations Alphabet and Apple (both known for being fined repeatedly by the EU for breaking various laws)? If that's what passes for good, I'd hate to see what you would call mediocre, let alone bad.

Also, some banks don't let you use the Wero app, you need to use it through your bank app. Which is a big no for me.

Re: Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards

#335

Post by pjc50 »

petcat wrote: post #31
yreg wrote: post #25

Earlier quoted context omitted.

They mean reliance on US bank cards.

How does that make any sense? You're saying that 75% of Europeans use American bank accounts?

My UK Halifax bank card says "Visa Debit" on it, because Visa/Mastercard control most of the payments infrastructure.

Re: Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards

#337

Post by peterspath »

pjc50 wrote: post #332
harrouet wrote: post #311

"Digital Euro"... Do people realize that maybe 90% of money is already digital, i.e. sitting as bytes and numbers on banks' computers ? It seems to me that the actual problem that the EU is trying to solve it to find a tech managed by the ECB but that leaves space for the banks to keep existing in payment. They make a significant amount of money from Visa/Mastercard payments. But we don't need payment terminals anymo…

> We don't need Visa or Mastercard: just route payment instructions from payee's bank to payer's bank. That sounds simple, but yet is basically nowhere as a payment infrastructure. Various countries have their own low friction payments, like Norways' Vipps; we "just" (hah) need to combine them into one European Voltron of payments.

That is the goal of Wero

Re: Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards

#338

Post by egorfine »

reddalo wrote: post #333
egorfine wrote: post #330

I reckon it will be KYCed as hard as imaginable - and then some.

Aren't credit cards KYCed anyway?

Yes, offline, in person, in the bank. But regulators will want more. So I fully expect a deeper KYC for the digital euro.

Re: Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards

#339

Post by pjc50 »

omnimus wrote: post #146
stackghost wrote: post #28

This is interesting and poignant less because of the digital currency aspect and more because of the geopolitics. In a world where technology touches everything, tech itself becomes political. The boulder that is de-Americanization has rolled too far downhill now and gained too much momentum; it can no longer be stopped. The two thirds of Americans who either voted for Trump or couldn't be bothered to vote against hi…

Don't underestimate how much in bed are many of the european politicians/oligarchs with US neocon class. Trump is also problem for them. If Trump gets replaced by some moderate neocon on wave of “good old times” every one of these lobbied politicians will jump back hail comming of the golden age, buy everything american again and delete all this sovereignity out of the sky. Trump moved overton window so much we will…

Wasn't CPAC literally being funded by the Hungarian government (and thence ultimately Russia)?

Oligarchy is definitely a global problem. Every billionaire is an unexploded political liability.

Re: Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards

#340

Post by graemep »

ben_w wrote: post #154
lxgr wrote: post #109

Earlier quoted context omitted.

Reminder to all commenters that Europe is not a single homogeneous country and somewhat diverse in various things, including payments and finance. Credit cards are definitely a thing in many European countries.

> Credit cards are definitely a thing in many European countries Yes, a thing associated with debt. I lived in the UK before Brexit, and that would be an example of such.

A lot of people in the UK use credit cards for the extra legal protections, and for cash back and reward schemes.

The UK has pay by bank, which is very like digital cash, and can be used online, but its much less used than cards are.

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