'March to independence': Christine Lagarde wants EU to ditch Visa, Mastercard for own platform
-
This post did not contain any content.
-
This post did not contain any content.
California, Oregon, Washington and Hawaii would also like to request EU status and new non facist payment methods
-
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
Mainframes have nothing to do with this.
RISCV is still just a computer - would work just fine on a logical level. Raw compute would be an issue with today's hardware.
-
This post did not contain any content.
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.
-
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
if it doesn't do card, it's not an alternative anyway
-
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
-
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.
For real? What the f that's absurd
-
For real? What the f that's absurd
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.
-
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.
-
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
CPUs don't make something a mainframe, the whole system design does. They're transaction-based throughput monsters with all kinds of bells and whistles when it comes to reliability, seamless fallover, etc. The European CPU initiative currently focuses on supercomputing (weather simulations and such) which is a completely different beast when it comes to dataflow but certainly a good foundation for general compute.
Looking into my crystal ball, at some point SAP is going to enter the hardware business.
-
Why? I don't get it, how is it better than SEPA?
When you're looking at your bank balance you're seeing bank Euros, for which your bank has to hold a certain percentage of actual (central bank) Euros in reserve (that's what fractional reserve banking is about: Not just the central bank, also ordinary banks can create money), when you transfer money to another bank the receiving bank will have to make sure that it has enough central bank Euros to back up the recipient's balance. SEPA is a standard interface and procedure to negotiate such transfers.
The Digital Euro is central bank money, just as bank notes and coins. It's a (possible) step towards a full-reserve banking system without having to actually keep actual notes and coins around. And the ECB is very aware of this which is why they're talking so much about limiting how many digital Euros you can hold at one time so the current banking system doesn't get completely up-ended over night.
-
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
-
if it doesn't do card, it's not an alternative anyway
-
This post did not contain any content.
Does using Google wallet give any fee to Google?
-
Does using Google wallet give any fee to Google?
They don't get paid directly, just with your data.
-
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.
-
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.
-
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.
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.
-
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
This is very slow many countries have done something similar a long time ago:
Mir (Russia)
China UnionPay (CUP)
RuPay (India)
Elo (Brazil)
Interac (Canada)
BKM (Turkey)
Verve (Nigeria)
JCB (Japan)
Mada (Saudi Arabia)
Zapper (South Africa)
Naps (National Payment System) (UAE)
-
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.
That's the state of literally everything in Europe.
