'March to independence': Christine Lagarde wants EU to ditch Visa, Mastercard for own platform
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China ist not the answer.
your social credit score will pay for this!
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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.
Digital euro is the solution
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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.
At least most European banks are happy to cut out the American middlemen (Visa and Mastercard) since they're eating part of the cost, and we already have the infrastructure in place and working, it's called "instant SEPA bank transfer", most newer accounts offer it for free. The problem is the lack of political will to accelerate that indipendence and to stop hemorraging money (roughly 0.5% per transaction!)
Then as people learn to use it they'll hopefully also stop using Paypal (another American company) when sending money to someone, or getting tracked in general every single time they use their debit card.
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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
I can already send money instantly, for free, through SEPA without a singular private company earning a cut or tracking me.
A bank account is needed, but there are thousands to choose from, and in the EU by law they cannot refuse to open a basic account for a private EU citizen.
Why should we use Wero/Revolut/Venmo/whatever instead? Intercompatibility within just one network means another network effect, that does not look like a long term solution to me. Just like Telegram, though very convenient to use with a nice UI, is no solution to Whatsapp.
Wero seems to be solving the problem of copy-pasting our IBAN. What if any bank app would just recognise a standardised QR code with that data? Who would then subscribe to Wero with a phone number and email and risk getting scammed or blocked for any random reason?
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This is more going into the direction of feudalism than just capitalism. A million tiny realms and every one keen of keeping their population locked in and uninformed about the outside world. I think there's even a name for it: technofeudalism.
It was bound to happen eventually.
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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
innovative
You spell "resume-based design" funny
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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
In Portugal we have an app called MBWAY, it's a national fast payment service. with that we can send money just with phone number, withdrawal from atms an pay using qr code. I've heard they are already interconnected with their counterpart in Italy and Spain
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Do it! Canada will come play too.
That's a great idea. I'd welcome a new option!
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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
If they realy want to be innovative they should use blockchain
Lol
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Christine Lagarde is not someone the world Should listen to. She is also the director of the IMF and all the homies hate the IMF:
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Do it! Canada will come play too.
We could add credit cards to the Interac system.
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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
