773
'March to independence': Christine Lagarde wants EU to ditch Visa, Mastercard for own platform
(www.businesstoday.in)
this post was submitted on 05 Apr 2025
773 points (99.4% liked)
Europe
5211 readers
2024 users here now
News and information from Europe ๐ช๐บ
(Current banner: La Mancha, Spain. Feel free to post submissions for banner images.)
Rules (2024-08-30)
- This is an English-language community. Comments should be in English. Posts can link to non-English news sources when providing a full-text translation in the post description. Automated translations are fine, as long as they don't overly distort the content.
- No links to misinformation or commercial advertising. When you post outdated/historic articles, add the year of publication to the post title. Infographics must include a source and a year of creation; if possible, also provide a link to the source.
- Be kind to each other, and argue in good faith. Don't post direct insults nor disrespectful and condescending comments. Don't troll nor incite hatred. Don't look for novel argumentation strategies at Wikipedia's List of fallacies.
- No bigotry, sexism, racism, antisemitism, dehumanization of minorities, or glorification of National Socialism.
- Be the signal, not the noise: Strive to post insightful comments. Add "/s" when you're being sarcastic (and don't use it to break rule no. 3).
- If you link to paywalled information, please provide also a link to a freely available archived version. Alternatively, try to find a different source.
- Light-hearted content, memes, and posts about your European everyday belong in !yurop@lemm.ee. (They're cool, you should subscribe there too!)
- Don't evade bans. If we notice ban evasion, that will result in a permanent ban for all the accounts we can associate with you.
- No posts linking to speculative reporting about ongoing events with unclear backgrounds. Please wait at least 12 hours. (E.g., do not post breathless reporting on an ongoing terror attack.)
(This list may get expanded when necessary.)
We will use some leeway to decide whether to remove a comment.
If need be, there are also bans: 3 days for lighter offenses, 14 days for bigger offenses, and permanent bans for people who don't show any willingness to participate productively. If we think the ban reason is obvious, we may not specifically write to you.
If you want to protest a removal or ban, feel free to write privately to the mods: @federalreverse@feddit.org, @poVoq@slrpnk.net, or @anzo@programming.dev.
founded 9 months ago
MODERATORS
Are there any companies working on something like that?
Does using Google wallet give any fee to Google?
They don't get paid directly, just with your data.
I would like this. I enjoy playing hentai games, but MasterVisa bans or alters the games by denying their services to creators and stores alike. This is an affront to free speech.
Let's not forget, they Almost forced Onlyfans to shut down because they were going to cut them off from their payment system.
For real? What the f that's absurd
Yeah they can exert a lot of influence
Yup. For example, the game "Seeds of Chaos" had to change their introduction on account of demons trying to corrupt the protagonists through blackmail, and the removal of the minotaur scenes.
Visa and MasterCard are why we have never had a blockbuster minotaur movie
California, Oregon, Washington and Hawaii would also like to request EU status and new non facist payment methods
The Cali data companies will be in for a shock when they suddenly have to comply with any regulation, let alone the GDPR
They got CCPA
What I imagine that to contain:
-
USA! USA! USA!
-
Communism bad!
-
See 1 and 2
I hope Canada and Mexico can join. It's time to start bankrupting murican companies.
Most card transactions in Norway go through a local system called BankAxept, and have for decades. A lot of Norwegians don't even know, because the same cards also support VISA, and they think that's what they're using.
Same in Germany with the girocard system. Key feature is that there's no real intermediary, it's a standard the banking sector came up with to easily authorise ordinary bank transfers. Online shopping was never an issue in Germany push come to shove you just wire them the money.
And I have no fucking idea why the EPI is launching a whole phone-based system instead/before standardising debit card infrastructure. That app offers literally nothing that I can't already do with my card and bank app on my phone short of a wallet and why the hell would I want that I already have a giro account. And why would I want to send money to a telephone number instead of an IBAN. What kind of stuff are those people on that they think that's a feature.
But at least the general structure of the EPI is similar to how girocard came about: A consortium of banks, public, cooperative, private, coming up with interoperability standards. Germany has like 1400 banks (and that's after a lot of mergers), most of them only serving a district or larger town and surrounding villages for those there was never an alternative to working with each other and the over-regional banks jumped on to not be left out.
Sometimes, all you need is some marketing. E.g. it's been possible to print out a QR code with your account info so you can receive transactions at a flea market for ages (in lieu of having your phone display it and people scanning from there), and ever since SEPA instant payment it's basically cash, as far as the seller is concerned.
My main takeaway from the comments on this post is that basically all of Europe solved this a long time ago at the domestic level, but that international interoperability is lacking.
https://www.docs.pay.sibs.com/payment-methods/
Ideal, bizum, bancontact, cartes bancaires, Mbway are all euro based. I wonder why they are not interoperable.
No, not all of Europe solved this. The payment systems they made are for internet payments with instant confirmation. Many European nations are still on the Visa Debit or Mastercard Debit for card payments. https://en.wikipedia.org/wiki/Maestro_(debit_card)
That's the state of literally everything in Europe.
Hey now, we were able to standardize the curvature of cucumbers.
Maybe there was a more important need for it. ( อกยฐ อส อกยฐ)
I get the phone based system. People remember their phone number and email address, they do not remember their bank account details. It's a lot easier to initiate the transfer in the moment if it's based on something the recipient can just tell you. QR codes are an acceptable workaround for a small vendor, but not really ideal for paying back the friend who paid for lunch.
Pretty much every country has something like that ready or in the works. Venmo is huge in the US, Vipps (which uses the aforementioned BankAxept in the backend) is emerging as the de-facto standard for small transfers in Norway.
It was a bigger deal in the US than elsewhere due to how hard it is to do bank transfers there, but the rest of the world is also very keen on the concept.
It was a bigger deal in the US than elsewhere due to how hard it is to do bank transfers there,
Is it? Now I'm curious. Care to elaborate?
Except for apps like PayPal, Venmo, Zelle and Google Wallet, all of which allow you to transfer money to an email address or phone number, there is no convenient electronic way to transfer money from individual to individual in the US. The only other real alternative is handing over cash or writing a check. You can technically do a wire transfer, but those are really designed for stuff like buying a house or something, and usually either cost money, take days to settle, or usually both.
I can't speak for every other country, but in Norway we've at least for a couple of decades taken for granted the ability to just initiate a transfer of money to someone else's bank account. You just enter the number and amount in your Internet Bank, and it gets transferred free of charge either overnight or instantly. It's how we've done everything my whole adult life.
In the US, the prevalent way to pay rent is still to either write out a physical check or enter the numbers from a check into some web interface which is then somehow able to suck money out of your account. Sometimes a bank will offer to mail the check on your behalf, but it's still very much a check.
I did not know that and I think it's wild that the largest economy in the world still operates on such prehistoric methods.
with all the transactions all around the world can you imagine the money they're making by doing literally nothing and if this move is successful how much money they stand to lose? I would be surprised if they were not literally talking to hitmen right now.
I can recommend the Aquired Podcast Episode. A 3h long Story of how VISA became the world leader and how much profit they make year over year. It is craaaaazy. We need to get rid of Visa and other US bases payment providers ASAP!
Back before crypto because a speculation vehicle we very nearly got rid of all this bullshit. Unfortunately it just wasn't convenient and widespread enough before people decided holding on to hashes forever was gonna make them rich.
All for it! The orange fucking idiot is fusing the EU.
Would be spectacular if they make an alternative that does not rely on commercial banks so that having a for-profit bank account isn't required to be able to pay for things electronically. Just like you don't need that with cash. This is something central banks can provide to the citizens of their country. If commercial banks want people's money, they better give an incentive. Currently they get it just so people can access the electronic payment systems.
But if course that's unlikely because commercial banks won't just let themselves be cut out of the sweet deal they got now.
agreed, this is really low hanging fruit for fixing society in general- services (banking but also insurance (remember Obama's failed public option) that everyone needs but are privately run should have competition run by the government that is publicly funded at break-even instead of for profit.
Let the for profit ones try to find reasons to exist then! But they shouldn't just be able to enjoy monopoly for just existing and exploiting their customers.
Other candidates for a public option: ISPs, ride-sharing services, credit rating agencies, etc etc
load more comments
(4 replies)
view more: next โบ