61–70 of 1001 posts
Even putting aside issue of geopolitics, it's quite baffling to me that every country besides China and Russia are paying ~0.2% "sales tax" to corporate America.
So Wero is not a credit card, but something more like Venmo? How is it supposed to replace Visa and Mastercard?
The concept of a physical card is obsolete. That North Americans and western Europeans for a good part still use them is just stickiness of the infrastructure, and habits. Developing countries have mostly leapfrogged to total contactless payments. In South Aast Asia, you typically scan a QR code and approve a payment from your own phone. Far less fraud as a result. Nobody is able to touch your card, you don't have on…
There are benefits to non-QR based payment systems, such as not wanting to pull out your phone, open an app, scan a QR and approve to make a payment that takes me 2 seconds with regular contactless payments.
Physical cards are also a nice fallback to have in cases of running out of battery, theft, etc.
So Wero is not a credit card, but something more like Venmo? How is it supposed to replace Visa and Mastercard?
The concept of a physical card is obsolete. That North Americans and western Europeans for a good part still use them is just stickiness of the infrastructure, and habits. Developing countries have mostly leapfrogged to total contactless payments. In South Aast Asia, you typically scan a QR code and approve a payment from your own phone. Far less fraud as a result. Nobody is able to touch your card, you don't have on…
(Almost?) all these EU efforts to be independent from the USA are born with a fatal flaw. They require you need to be an Apple user or a Google user.
I always find it entertaining to hear people try to argue that what these companies do is soooooo difficult and that's why they're valuable. It's just multiple computers keeping a balance. It's not complicated. No, these companies keep themselves in power not because they've solved such a difficult problem that nobody else can, but because they have a moat which they protect. Time to do away with these foreign entiti…
Earlier quoted context omitted.
I think it's probably a little bit harder than you think with all the rules and regulations out there. I would highly encourage anybody who's remotely interested, listen to the Acquired podcast episode regarding Visa. It's actually quite fascinating how it was started. You may balk at the length, but the whole thing had me interested. https://www.acquired.fm/episodes/visa
India built RuPay, China built UnionPay. There's no reason why Europe can't do the same.
Earlier quoted context omitted.
> But with wide adoption of digital payments they now just accept any payment with the goal that they don't want bad reviews and/or lose customers. My experience is opposite, Now with UPI which 99% of people have access to there is no incentive for people to accept Credit Cards.
The competition is high with online ordering (which accepts cards), so the incentive is to not lose customers. in fact people have become so desperate for more sales that they would let you take something and pay later but not lose you as a customer.
Even before UPI credit cards were common accepted online. So I am not sure about that as well.
I always find it entertaining to hear people try to argue that what these companies do is soooooo difficult and that's why they're valuable. It's just multiple computers keeping a balance. It's not complicated. No, these companies keep themselves in power not because they've solved such a difficult problem that nobody else can, but because they have a moat which they protect. Time to do away with these foreign entiti…
> No, these companies keep themselves in power not because they've solved such a difficult problem that nobody else can, but because they have a moat which they protect. I don't know that the problem is sophisticated, but it's certainly complex [1]. It's a bit of both in terms of complexity and defending a moat, which all businesses do, including, and especially European ones. And companies like Visa, Mastercard, Ame…
And people do underestimate the complexity of it
Earlier quoted context omitted.
I think it's probably a little bit harder than you think with all the rules and regulations out there. I would highly encourage anybody who's remotely interested, listen to the Acquired podcast episode regarding Visa. It's actually quite fascinating how it was started. You may balk at the length, but the whole thing had me interested. https://www.acquired.fm/episodes/visa
India built RuPay, China built UnionPay. There's no reason why Europe can't do the same.
Earlier quoted context omitted.
Not 0.2% Visa: 1.3% to 2.3% Mastercard: 1.5% to 2.6% Mastercard: 2.3% to 3.5% Nothing precise as it depends on whether that's debit vs credit cards, and the type of card. Also volume related and what the bank may subsidize, or take on top.
The payment processing rates offered vary by country. It rarely goes above 1% in Germany unless you're really not shopping around or are really low volume. A % of that also goes to the issuing bank*, not to MC/Visa, so I suspect the mentioned 0.2% is talking about what MC/Visa has as their cut. *: That's also how banks can profitably offer things like cashback.
The low fees are for debt and high for credit cards and VISA/MC won't allow you to accebt only the debt cards