Costco broke up with VISA so, it’s possible. Re-establish the Templars again as the new money lenders from old.
Europe’s $24 Trillion Breakup With Visa and Mastercard Has Begun
Submitted 22 hours ago by Beep@lemmus.org to technology@lemmy.world
Comments
melsaskca@lemmy.ca 5 hours ago
winkerjadams@lemmy.dbzer0.com 4 hours ago
When was that? I still can’t use my credit cards there unless they are visa
melsaskca@lemmy.ca 4 hours ago
The Costco in Canada I go to only accepts Master Card.
Zink@programming.dev 14 hours ago
Hello, friends in civilized lands, especially those of you who work at financial institutions…
Some of us in the states are excited to watch you do some damage to the entrenched middlemen that have been skimming from all of us for so long. Please do consider letting us sign up for the new stuff. Our money is still worth something, for now!
BanMe@lemmy.world 14 hours ago
I agree 100% but also this is like when you watch your brother punch your dad to make him stop hitting your mom, and you know you’re going to get the shit kicked out of both of you later for it.
…unless one of your grabs the crowbar and goes for broke…
Hey blue states…
WorldsDumbestMan@lemmy.today 12 hours ago
This is like that son that was sexualy abused by his dad for years, then killed and ate him.
BranBucket@lemmy.world 14 hours ago
Seconded.
i would gladly make the switch if for no other reason than just playing a tiny part in screwing over Visa and MasterCard.
Why? Cause fuck em! That’s why!
CaptainBasculin@lemmy.dbzer0.com 4 hours ago
if Turkey was able to do it with Troy, why not Europe with Wero? Hope it all goes well
pkjqpg1h@lemmy.zip 1 hour ago
technocrit@lemmy.dbzer0.com 2 hours ago
Isn’t crypto supposed to be a worthless grift tho? \s
SpaceMan9000@lemmy.world 1 hour ago
Open article, control+f for “crypto”. 0 results.
herseycokguzelolacak@lemmy.ml 20 hours ago
Good. The Mastercard and Visa tax never made any sense. We deserve better.
db2@lemmy.world 22 hours ago
Good. Make it hurt.
WhyIHateTheInternet@lemmy.world 22 hours ago
They would be tiny from way up there
db2@lemmy.world 22 hours ago
I like the way you think, get them to terminal velocity.
Nioxic@lemmy.dbzer0.com 21 hours ago
I dont
Theyre usually fat old men
db2@lemmy.world 21 hours ago
Better splats. 🤷
eager_eagle@lemmy.world 20 hours ago
reminds me when Brazil launched their Pix payment system nationwide and the US launched an investigation into unfair trading
potential unfair advantaging of Brazilian payment services over US competitors was cited
lol get rekt
trolololol@lemmy.world 19 hours ago
Against what? Against consumers that don’t need to pay fees? Against the Brazilian government who is behind the pix?
Poor US companies with billionaires yatches bills to be paid.
CosmoNova@lemmy.world 10 hours ago
Becoming independent from the US empire‘s dollar or oil is a serious crime that gets punished with dictatorships. It‘s no coincidence the Us is launching a cascade of fascist think tanks and lobbyists groups against Europe right now.
Limonene@lemmy.world 11 hours ago
I’m glad to see Visa suffer, but I’m pretty concerned that Wero requires a proprietary phone app. There is no way to shop using Wero without this proprietary software.
Scribbd@feddit.nl 10 hours ago
Ir doesn’t require an app. When you pay you select your bank and it will redirect you to a page that the bank provides. My bank provides a QR-code I can scan with their banking app, but it also offers a log in form to pay.
So I guess it is based on what your bank is willing to provide.
This is based on my experience with ‘iDeal’ the predecessor of wero.
BrightCandle@lemmy.world 2 hours ago
Alas I don’t think you will have the political stability to ultimately allow the adoption of an alternative. There is zero point building something that also accommodates the USA right now as the new King is quite likely to ban it and waste all the time put into it. Even a treaty put in place wouldn’t stop this from happening, so frankly its not worth an EU or otherwise company anticipating doing anything with the USA for the foreseeable future.
GreenBeanMachine@lemmy.world 1 hour ago
allow the adoption of an alternative
Why would the EU need an approval from the USA?
USA can use whatever the fuck they want. This is to replace all the transactions happening within the EU.
Having your own transactions system is a big win for the EU, even if no other countries adopt it, and it’s a massive loss for the USA.
technocrit@lemmy.dbzer0.com 2 hours ago
I don’t think the USA will have the political stability to ultimately allow the adoption of an alternative.
Stablecoins exist and are among the most popular cryptos.
the new King is quite likely to ban it
Trump literally has his own stablecoin, not to mention other crypto grifts.
MITM0@lemmy.world 10 hours ago
teslasaur@lemmy.world 10 hours ago
Yeah, i was thinking the same thing. Changing one evil for another.
Grass@sh.itjust.works 19 hours ago
come on canada start taking notes
Aceticon@lemmy.dbzer0.com 6 hours ago
A lot of countries in Europe already have their own country-wide payment systems.
What we’re seeing now in Europe is the stage where those multiple country-specific systems become interoperable and a new international payment system appears.
Canada only needs the kind of thing which has long been available in countries like The Netherlands and Portugal.
M0oP0o@mander.xyz 18 hours ago
At least we have e transfers and debit unlike down south. I for one will be jumping on the first non us credit card however.
FlashMobOfOne@lemmy.world 17 hours ago
As an American, I just may do the same.
titanicx@lemmy.zip 16 hours ago
We have debit. And etransfer for things like PayPal or Venmo.
FlashMobOfOne@lemmy.world 17 hours ago
Love to see it.
Anything that diminishes Visa and MC’s power is probably a good thing.
cman6@lemmy.world 9 hours ago
I’m all for a European system like this, but the only downside I currently see is that using Wero wouldn’t provide any protection in the same way that a credit card does, unless I missed that on the Wero website.
Give me the consumer protection of a credit card and I’ll sign up to Wero or whoever!
balsoft@lemmy.ml 8 hours ago
Does Visa/Mastercard actually offer any protection themselves? When I’ve had to reverse debit card transactions due to fraud or otherwise, I always just called/reached out to my bank and they did it without getting Visa/MC involved. Since this system is pretty much SEPA in a trench coat, I’m pretty sure the same would work here.
Holytimes@sh.itjust.works 7 hours ago
Yes they do offer actual protections.
A debit card while using visas processing network is still your banks account and their responsibility.
A credit card the account is with visa, tho it may be managed by your bank thanks to partnerships and bank end integration. Depending on the circumstances you actually will be directed by your bank to contact visa or who ever directly or be forwarded by your bank.
Debit cards are not credit cards. This seems to be a weird hang up people can’t seem to understand. Doubly so when they are from Europe. It’s always struck me as odd.
GamingChairModel@lemmy.world 5 hours ago
Visa/Mastercard requires all cardholders, cardholders’ banks, merchants, and merchants’ processors to follow the comprehensive set of rules for disputed transactions. That way the dispute process tends to be uniform across different banks and across different merchant/payment processors.
The network sets the rules, while the banks implement those rules on behalf of the cardholder and the processor implements those rules on behalf of the merchant.
So replacing the network will require a comprehensive replacement for the network’s dispute resolution rules (assigning who is responsible for paying when certain things happens) and procedures (how a cardholder can initiate a dispute and how that gets resolved).
cman6@lemmy.world 7 hours ago
That’s a very good point - it isn’t Mastercard or Visa involved in the card protection. Thank you!
So I guess I’m actually saying: if Wemo offer credit, then count me in!
technocrit@lemmy.dbzer0.com 2 hours ago
You’ve never used cash?
pkjqpg1h@lemmy.zip 9 hours ago
what protection credit card provide?
cman6@lemmy.world 7 hours ago
In the UK the credit card company are joint liable for any purchases over £100.
So if I buy X from company Y for £100, and company Y fails to deliver, or goes into administration, or whatever, I go back to the credit card company and get my £100 back. Or looked at another way, I don’t pay them the £100 and they swallow the cost.
RobotToaster@mander.xyz 21 hours ago
skulkbane@lemmy.world 10 hours ago
Finally someone is doing something about this. I worked in finans and people wouldn’t believe the amount of money that goes to America because we use EMV and whatever the payment transaction system was called.
dan@upvote.au 21 hours ago
We’ve had this in Australia since the 90s. All debit cards are dual network: They support both Visa/Mastercard, as well as the local network (called EFTPOS). EFTPOS is noticeably cheaper to process, and the profits stay in Australia rather than going to a US company.
That’s only for debit cards, though. EFTPOS doesn’t support credit cards.
AnUnusualRelic@lemmy.world 5 hours ago
Europe’s $24 Trillion
Great, now nobody knows how much that is (other than a lot).
JovialSodium@lemmy.sdf.org 22 hours ago
For those who were a little concerned about the “breakup” phrasing in the title, I didn’t see any indication in the article indicating those payment methods would stop being accepted. Just moving away from being reliant on them.
MasterNerd@lemmy.zip 16 hours ago
Man I wish I lived in the EU
sem@piefed.blahaj.zone 13 hours ago
What is GNU Taler?
evol@lemmy.today 17 hours ago
Hope they don’t just end up recreating their own version of it
Amberskin@europe.pub 11 hours ago
How to make this competitive vs. current, American owned networks?
Put a microtax in every financial transaction going out of the EU.
cmeu@lemmy.world 13 hours ago
Gammelfisch@lemmy.world 15 hours ago
Fucking MAGA and Russia are fusing the European Union. Good! As an EU citizen I fully support this type of progress.
englislanguage@lemmy.sdf.org 9 hours ago
Is there any way to use wero without handing out my mobile phone number to everyone? I’d prefer handing over IBAN or some alias over phone number.
SalamenceFury@piefed.social 20 hours ago
Good. I don’t want those two fucking corporate assholes telling anyone where they should spend their money on and banning or restricting accounts of any NSFW artist out there while their owners are all over the Epstein files.
LedgeDrop@lemmy.zip 19 hours ago
From what I’ve read, it appears that it’s simply one time, transactions.
Surely, they couldn’t be that short sighted. This means no “saving for payment information” on your favorite online store.
Also, it seems this is heavily tied to your bank account, which kind of makes me a bit nervous. I like fintech solutions and being able to create “one time use debit cards” or debit cards with a maximum balance and at the moment, I don’t understand how wero will fill this gap.
… but I really hope I’m wrong or some fintech will “step up” and make wero a legitimate replacement for visa/master card.
fluffykittycat@slrpnk.net 21 hours ago
Good. I hate Visa and MC
edgemaster72@lemmy.world 19 hours ago
Love that for EU
iamthetot@piefed.ca 21 hours ago
Canada next please.
SocialMediaRefugee@lemmy.world 11 hours ago
Just as long as I don’t have to carry a bunch of CCs because I don’t know what store takes what. Then they will all have different policies, security issues, fraud protection will vary, etc.
spaghettiwestern@sh.itjust.works 22 hours ago
I wonder how many trillions of dollars of business the Trump dumpster fire will end up costing American business.
You’d think our corporate overlords would remove him.
technocrit@lemmy.dbzer0.com 2 hours ago
USAian business does great under fascism. Just look at the MIC. Both “parties” just voted on a massive handout for genocide, etc.
Business will be fine!
GreenBeanMachine@lemmy.world 1 hour ago
Only the mega corporations are doing fine. Small businesses are going bust left and right.
ReallyActuallyFrankenstein@lemmynsfw.com 20 hours ago
Let’s say the pre-Trump economy is worth $100 trillion, and a particular billionaire’s share is $2 billion. Let’s say Trump catastrophically decreases the economy’s value to $50 trillion, while increasing corruption such that that Trump is getting more power, and the billionaire’s share is $10 billion.
This is followed by a collapsing market that creates a dip in share prices or private valuation, the assets of which can be bought for pennies on the dollar, eventually leading to that billionaire having $30 billion.
Win/win for Trump and the billionaire, at the cost of everyone else.
That’s basically what’s happening.
kn0wmad1c@programming.dev 18 hours ago
I’m not an economist, so here’s my ass talking, but I don’t think your example scales out.
Not everyone wins in a failing economy.
FlashMobOfOne@lemmy.world 17 hours ago
I am not a billionaire, just an average joe lucky to be able to borrow a few thousand from my Roth 401k in order to buy oil stocks in March 2020 at 90% off.
I earned between 15x and 20x what I invested and paid off my student loans.
It’s not just for the billionaires, but you’re right, all of this is intentional and the wealthiest will profit the most.
kescusay@lemmy.world 22 hours ago
At this point, I wouldn’t be surprised if they’re working on it. He’s destroying their bottom lines.
That said, if you go after the king, you’d best not miss.
h54@programming.dev 22 hours ago
The parasites are still making money. Rocking the boat would temporarily interrupt the party, they’ll continue to party until they’re forced to change.
other_cat@piefed.zip 17 hours ago
Apparently collapse is profitable
obviouspornalt@lemmynsfw.com 13 hours ago
Chaos is a ladder
Lucidlethargy@sh.itjust.works 14 hours ago
The corporate overlords area fucking idiots. They always have been.
hector@lemmy.today 21 hours ago
The question is incomplete. They will cost trillions, but the presidency, the party fixing elections right now, will cost the country the dollar itself. They will max out borrowing, then print money to pay off the debt and de facto default. They will turn all of those dollars into very much less valuable things.
Presuming no one stops them.
technocrit@lemmy.dbzer0.com 1 hour ago
I think you wanted to use past tense here.
Tollana1234567@lemmy.today 12 hours ago
24 trillion.
CosmoNova@lemmy.world 10 hours ago
Most of those overlords don‘t care about their business anymore. They want to get the bag now. It‘s how Oligarchies operate. They burn billions to make millions. Or in this case delete trillions to make millions. The point is that they have much more money than us pathetic peasants.
ilinamorato@lemmy.world 21 hours ago
It’s kind of a weird game theory thing, because the industries affected aren’t consistently losing. A decision he makes on Wednesday can help the finance industry but hurt the tech industry, and then he can reverse it on Thursday and now the finance industry is tanking but the insurance industry is up. It’s tough to know who would work together to pull him out of office, because between any two given days, the people who have the money have different opinions on how he’s doing.
CobblerScholar@lemmy.world 21 hours ago
True risk is also anathema to them, probably hedging bets on how the midterms go before they make big moves
spaghettiwestern@sh.itjust.works 20 hours ago
I think it’s simpler than that and just is down to the impact on the next quarter’s profits.
DarkSideOfTheMoon@lemmy.world 11 hours ago
I don’t get it, sometimes you wonder if it’s true and he might be acting to help Russia
spaghettiwestern@sh.itjust.works 10 hours ago
Sometimes?
standarduser@lemmy.dbzer0.com 19 hours ago
American big business? Not a dime. It’ll be a bailout on the American tax dollar I bet.
BarneyPiccolo@lemmy.today 20 hours ago
They’ll make sure it hurts us, long before it ever touches them.