One of the great mysteries of the 21st century is how a tiny number of US companies control most of the world’s payment processing, when it’s not a technically difficult problem.
You could implement an entire end-to-end payment processing system in a year with a team of a few dozen competent engineers. The only difficulty is getting banks and retailers to sign up to it, but when the big players charge so much and create so much trouble this doesn’t seem like it should be a tough sell. In most cases literally all you’d need to do is charge 2.4% instead of their 3%.
Furbag@lemmy.world 8 months ago
Could someone just make, like, Raunchy Mastercard and just process payments from whoever the fuck wants it? It seems like the payment processors being puritanical dipshits is a weakness that could be exploited by an enterprising competitor.
But then again, we’re talking about a natural monopoly that has been in place for decades at this point. I wouldn’t expect them to exactly play fair.
Smokeless7048@lemmy.world 8 months ago
The problem is that people like MC and visa would then ban you from sending money TO RaunchyCard.
So it just moves the problem back a step.