In America I think you also either literally or effectively (to compete) have to own some banks as well. I think it’s called vertical integration.
There’s multiple steps to this sadly, including the payment gateway, processor, acquirer and this is before even Mastercard, VISA, Amex or other card companies come into the picture.
It’s not impossible, but Valve would need to convince the card issuers that they are a valid processor and then also make deals with banks all over the world for GWs. Or they could just act like Stripe and own the full stack and bully their way through the fintech world.
kieron115@startrek.website 3 weeks ago
bhamlin@lemmy.world 3 weeks ago
That, and I’m like 70% sure that as a payment processor you can’t take your own payments in the way that valve would need to.
shani66@ani.social 2 weeks ago
Considering valve is, basically, the gateway to a billion dollar industry, they certainly have the weight to throw around and get this done, or at least to prop up a less demonic processor. It’ll take time whatever they do, but i really hope they are doing something.
azertyfun@sh.itjust.works 3 weeks ago
They already support local payment processing schemes such as Bancontact, iDEAL, JCB, Pix, etc. A good chunk of their international customer base already isn’t dependent on the big American payment processors.
The way towards undermining Visa/MC’s power is for more governments/Central Banks to push for indigenous alternatives which abide by local regulations rather than foreign puritanism. This is already a desirable goal for most both from a geopolitical POV (reduce American control over world finance) and a financial one (VISA/MasterCard charge outrageous transaction fees).
American consumers are fucked whichever way things go though, it’s not like the regime is going to make a move to break up the monopoly nor to push for less censorship in media. If Valve somehow goes through with this and makes deal with all major American banks, they’ll be done just in time for the Save The Children From Pedostanic Video Games Act or whatever the fuck that will force them to purge all thought crime from their platform.
dubyakay@lemmy.ca 3 weeks ago
Yeah I’m surprised they are not on board with Interac Debit in Canada.
azertyfun@sh.itjust.works 3 weeks ago
Weird, either there’s some backroom drama with Interac or now might be the time for you to ask their support about it.