European Credit Card and digital euro is coming, end 2025
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Without digital euro, there is already Wero app to replace PayPal, Visa and MasterCard. At least in theory... It's a payment app that allows to pay and receive money via wire transfer from bank to bank without fee.
In practice, many banks are not enrolled in this program and I have yet to find a single business where I can pay this way. But at least replacing PayPal to send money to friends and family should be easy enough.
As far as I understand, Wero won’t replace Mastercard or Visa. It’s just a way to transfer money between people, like Swish or Vipps for example.
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Can Canada get in on this?
Huh... Push Britain to get back to the EU and then you guys (and Australia, and New Zealand) could join on the basis of being in the Commonwealth!
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As far as I understand, Wero won’t replace Mastercard or Visa. It’s just a way to transfer money between people, like Swish or Vipps for example.
If businesses start of offer it as a payment option, then it could be an alternative to card payment. But we are clearly not there yet. I already use my phone as a mastercard most of the time.
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only for German and French banks though, glad we have BLIK here in Poland
Mostly French banks at this point, I only know of PostBank that offers Wero at the moment. I know for sure DeutcheBank doesn't have it yet.
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This is referring to the plans to create digital euro with GNU Taler, right?
GNU Taler (Taxable Anonymous Libre Electronic Resources) is a new secure electronic payment system based on open standards, free software, and advanced cryptography. GNU Taler provides privacy guarantees to the buyer while offering the possibility to audit merchants, making sale incomes transparent and fraud difficult. To online merchants and retailers, GNU Taler offers instant transaction clearance without risks of fake payment methods. Computations needed to clear the payments are efficient and scalable so that banks can pass on lower transaction costs to consumers and merchants. Consumers can withdraw money from their existing bank account into their GNU Taler wallet, detaching their spending habits from scrutiny, in the way cash does.
The NGI TALER project is funded under Horizon Europe (Pilots for the Next Generation Internet) with the aim of bringing GNU Taler to market across Europe.
Please please please
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The digital euro won't come before 2028, and even this is not sure as the legislation is not yet approved. Or did I miss something?
(That aside, there are many issues with digital fiat money to be solved yet, including privacy, financial censorship, and other things.)
[Edit typo.]
Weren't those problems solved in the 1990s with Ecash? If they have a trusted central authority doing time stamps, then they can just use blinded signatures.
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are we getting closer to what they have in China
where by the flip of a switch, the Government can make anyone a hobo whenever they wish?Right now the corporations OP listed can already do that. If you don't want anybody else to be in charge of your money, then go use crypto.
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Huh... Push Britain to get back to the EU and then you guys (and Australia, and New Zealand) could join on the basis of being in the Commonwealth!
As an Australian, I fully support this!
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This is referring to the plans to create digital euro with GNU Taler, right?
GNU Taler (Taxable Anonymous Libre Electronic Resources) is a new secure electronic payment system based on open standards, free software, and advanced cryptography. GNU Taler provides privacy guarantees to the buyer while offering the possibility to audit merchants, making sale incomes transparent and fraud difficult. To online merchants and retailers, GNU Taler offers instant transaction clearance without risks of fake payment methods. Computations needed to clear the payments are efficient and scalable so that banks can pass on lower transaction costs to consumers and merchants. Consumers can withdraw money from their existing bank account into their GNU Taler wallet, detaching their spending habits from scrutiny, in the way cash does.
The NGI TALER project is funded under Horizon Europe (Pilots for the Next Generation Internet) with the aim of bringing GNU Taler to market across Europe.
Went have o never heard of this. Sounds promising!
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No one needs cash.
oh yes we do. fuck digital payments with its privacy nightmare. fuck visa and mastercard for selling our purchase information, and who knows what avenues will this system have for tracking.
also, who the fuck wants to carry a phone all the time. I don't want to have to carry it even if just going to the shop on the corner.
cash is best. nobody but the cashier can deny a transaction with it.
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oh yes we do. fuck digital payments with its privacy nightmare. fuck visa and mastercard for selling our purchase information, and who knows what avenues will this system have for tracking.
also, who the fuck wants to carry a phone all the time. I don't want to have to carry it even if just going to the shop on the corner.
cash is best. nobody but the cashier can deny a transaction with it.
Cash is a piece of shit. And you don't have to carry a phone, you can pay with your watch or a ring. And even a phone is much better than carrying cash.
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Without digital euro, there is already Wero app to replace PayPal, Visa and MasterCard. At least in theory... It's a payment app that allows to pay and receive money via wire transfer from bank to bank without fee.
In practice, many banks are not enrolled in this program and I have yet to find a single business where I can pay this way. But at least replacing PayPal to send money to friends and family should be easy enough.
There are many private alternatives, but that is missing the point. An ECB backed digital coin takes away the private bank monopoly on printing digital money. It will be a great contribution to the commons and will decrease the power of private banks. It will also contripute to increased resilience against the next bank crisis.
I recommend reading the publications from positive money on this subject.
https://positivemoney.org/eu/publications/a-digital-euro-for-the-people/
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What about Klarna? Isn't it Swedish?
They are evil.
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There's something similar in Spain called Bizum, created by banking institutions. Most Spanish banks implement it so your phone number is associated to your back account, so you can send and receive money instantly without fees to anyone just by knowing their phone number. Works really well.
Belgium had Payconiq, it's being replaced with Wero.
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Bye bye Visa, Mastercard, Paypal, and many others. They can go and play "America First".
We'll have our own independent system by november 2025.Ftr, a belated clarification: It does not appear that there are plans for a European Credit Card.
- There is the semi-private online payment system called WERO, meant as a competitor to Paypal
- There are plans for a Digital Euro (D€) system by the ECB
