'March to independence': Christine Lagarde wants EU to ditch Visa, Mastercard for own platform
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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.
There's also credit unions.
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There's also credit unions.
Yeah, I'm using Meridian in Ontario.
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I have a friend who works on this project. Still years away, but they are at least thinking very hard of not having US dependencies since the last months. I don't have much trust in some people involved though (exactly because for many this was not an issue until a few weeks ago).
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your social credit score will pay for this!
Can it also pay for coffee?
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Why? I don't get it, how is it better than SEPA?
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All for it! The orange fucking idiot is fusing the EU.
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HEY GUYS! YOULL NEVER GUESS. Portugal already has such a platform! Even Romania has started using it!
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Are you talking about MBway? I want to have the possibility to do it also we a card. Sometimes I don’t take my phone everywhere
No. MBway is the Venmo equivalent, Multibanco is the Visa rival
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No. MBway is the Venmo equivalent, Multibanco is the Visa rival
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I’m really confused. I thought multibanco was just what we called the atm! Even went to my wallet to check my banco ctt card. Can ELI5 it to me?
Well, it’s also the protocol! If your card has this symbol, it means it has that payment processor! Due to some weird language mixups it is both the atm and the protocol! Managed by SIBS, an interbank organisation
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I fear it will be horrible as long as it does not come close to something like Taler:
https://www.taler.net/en/index.html
https://www.ngi.eu/ngi-projects/ngi-taler/ -
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Humm, this will probably mean that the EU will need to look into if we need to setup a European mainframe manufacturer.
I am talking AS400/iSeries type stuff.
MasterCard and VISA process a huge number of transactions per second, and there can't be any risk of loosing a transaction in progress, so you need an extremely stable central processing node with very high redundancy.
At the moment I believe that only IBM and Fujistu makes mainframes these days, IBM is American which has now shown to not be an ideal long term trading partner, Fujistu is Japanese, with a strong presence in Europe, but they made the UK Post Office computer system, which makes me want to stay, far, far, far away from them.
Either one, whoever we pick will make it easy to get the system going, but to migrate away will be a nightmare.
I wonder if we could build something on open hardware like Risc-V, this make me wonder is Risc-V would even be suitable for this application
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Sometime in the future maybe people will look back on this as the beginning of money units being "credits" as in familiar sci fi terminology.
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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.
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WERO is coming all over Europe. Germany, France and Belgium are already connected and this year also in the Netherlands. It's happening but ofcourse.... much too slow for many of us
Wero is great for what it does (sending money to other people) and it's going to gain the functionality needed for online commerce.
But that only covers half the functionality provided by Visa and MasterCard. You also need the functionality to pay at a restaurant or in the supermarket. You know, the card part of MasterCard?
Some European countries have their own debit card system (here in Germany for example giropay) but once you cross the border that stops working. Which is why those cards are usually co-badged with one of the big networks to act as a fallback. That's where the EU should act to ensure that the fallback functionality isn't necessary anymore, at least as long you're in the Euro-zone.
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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.
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WERO is coming all over Europe. Germany, France and Belgium are already connected and this year also in the Netherlands. It's happening but ofcourse.... much too slow for many of us
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I hope Canada and Mexico can join. It's time to start bankrupting murican companies.
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California, Oregon, Washington and Hawaii would also like to request EU status and new non facist payment methods
