I wonder how many trillions of dollars the Trump dumpster fire will end up costing American business.
You'd think our corporate overlords would remove him.
At this point, I wouldn't be surprised if they're working on it. He's destroying their bottom lines.
That said, if you go after the king, you'd best not miss.
Their bottom lines aren't very important to their goal of owning everything. Money is just a vehicle for power, but once they own everything and everyone they won't need it.
The parasites are still making money. Rocking the boat would temporarily interrupt the party, they'll continue to party until they're forced to change.
The corporate overlords area fucking idiots. They always have been.
Hello, friends in civilized lands, especially those of you who work at financial institutions...
Some of us in the states are excited to watch you do some damage to the entrenched middlemen that have been skimming from all of us for so long. Please do consider letting us sign up for the new stuff. Our money is still worth something, for now!
Seconded.
i would gladly make the switch if for no other reason than just playing a tiny part in screwing over Visa and MasterCard.
Why? Cause fuck em! That's why!
I agree 100% but also this is like when you watch your brother punch your dad to make him stop hitting your mom, and you know you're going to get the shit kicked out of both of you later for it.
...unless one of your grabs the crowbar and goes for broke...
Hey blue states...
reminds me when Brazil launched their Pix payment system nationwide, which is free for individuals, and the US launched an investigation into unfair trading
potential unfair advantaging of Brazilian payment services over US competitors was cited
Brazilian President Luiz Inácio Lula da Silva has accused US president Donald Trump of being "bothered by Pix" because it "will put an end to credit cards"
lol get rekt
Against what? Against consumers that don't need to pay fees? Against the Brazilian government who is behind the pix?
Poor US companies with billionaires yatches bills to be paid.
Good. The Mastercard and Visa tax never made any sense. We deserve better.
come on canada start taking notes
At least we have e transfers and debit unlike down south. I for one will be jumping on the first non us credit card however.
Love to see it.
Anything that diminishes Visa and MC's power is probably a good thing.
Good. Make it hurt.
I want to see CEOs from the sky.
Yes, make it hurt EU. It sucks that my dumbass country made it come to this, but it needs to happen. Way too many people here pretend the rest of the world doesn't exist.
I'm all for Europe doing their own thing. I'm an American and even I hate seeing the US use it's position for bully politics. No citizen of any other country should ever thing that an American company or govt will treat them with dignity or respect. Look at how we treat each other.
Why do Visa and MasterCard exist? The middleman that jacks up the price while offering the end user nothing? Thanks capitalism.
There was a time back in the day it was useful.
Before smartphones, credit cards were the cashless option.
Now that we all have a more than capable payment terminal in our pocket, Visa and mastercard are obsolete
Sorta. Whomever does payment on your behalf has to be willing to extend credit for an immediate transaction while the very slow process of exchanging money happens at a delay. This is especially so if the transactions are international. I truly wonder how the phone with just an ordinary bank account does this. Is it Google/Apple who extend credit? If so, is that better?
We've had this in Australia since the 90s at least. All debit cards are dual network: They support both Visa/Mastercard, as well as the local network (called EFTPOS). EFTPOS is noticeably cheaper to process - around 0.3% fee, compared to ~1% for Visa/Mastercard debit in Australia, ~1.5% for credit, and ~3% for Visa/Mastercard in the USA. The profits stay in Australia rather than going to a US company.
That's only for debit cards, though. EFTPOS doesn't support credit cards.
Same in Norway and I think same in many countries, biggest issue is across borders inside of Europe. Most payments online also.
Same in Canada with Interac. I’d love to see some interop between these types of networks
What Interac is missing is some sort of protection if a number gets stolen, etc. You could lose all the money in the accounts on a card.
Nice. We have JCB in Japan but I think it piggybacks off VISA/Mastercard for overseas transactions. It'd be cool if it partnered up with a European counterpart for purchases made in the EU.
I think the Digital Euro is going to be a better idea long term - taking off the hidden tax of payment processor fees is going to make businesses and people richer.
Hope they don't just end up recreating their own version of it
They will.
Let me be delusional in peace
But... But... Blackjack and hookers...
For those who were a little concerned about the "breakup" phrasing in the title, I didn't see any indication in the article indicating those payment methods would stop being accepted. Just moving away from being reliant on them.
Thanks for this. I recall the days of having to take cash to a sketchy guy or getting screwed at the airport so you can get out of the airport. It wasn't cool, and being able to pay with a credit card in some far-flung places now is pretty amazing.
if Turkey was able to do it with Troy, why not Europe with Wero? Hope it all goes well
Turkish person here: Troy is not yet that popular, but it is slowly getting there. Give it another 5 years. The best example is probably Brazil's Pix.
Great news. In India we have UPI which already made Mastercard and Visa come to their knees.
I read that there also are lots of concerns regarding privacy of data. It apparently collects lots of your data and interactions and shares it with third parties for publicity and so. And they're not transparent at all on this point.
What's the point of having a European app if it behaves worst than GAFAM?
Anyway, I don't know how much is rumour, how much is true. Does anybody have more information?
I can't imagine that they could be worst than the existing VISA and MasterCard duopoly.
Have you guys heard about the player's club card?
Good. I hate Visa and MC
This is a most excellent place for technology news and articles.
