Good. The Mastercard and Visa tax never made any sense. We deserve better.
Europe’s $24 Trillion Breakup With Visa and Mastercard Has Begun
Submitted 3 weeks ago by Beep@lemmus.org to technology@lemmy.world
Comments
herseycokguzelolacak@lemmy.ml 3 weeks ago
db2@lemmy.world 3 weeks ago
Good. Make it hurt.
WhyIHateTheInternet@lemmy.world 3 weeks ago
They would be tiny from way up there
db2@lemmy.world 3 weeks ago
I like the way you think, get them to terminal velocity.
dreamkeeper@literature.cafe 2 weeks ago
Yes, make it hurt EU. It sucks that my dumbass country made it come to this but it needs to happen. Way too many people here pretend the rest of the world doesn’t exist.
Nioxic@lemmy.dbzer0.com 3 weeks ago
I dont
Theyre usually fat old men
db2@lemmy.world 3 weeks ago
Better splats. 🤷
eager_eagle@lemmy.world 3 weeks 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 3 weeks 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 2 weeks 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.
Zink@programming.dev 2 weeks 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 2 weeks 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 2 weeks ago
This is like that son that was sexualy abused by his dad for years, then killed and ate him.
BranBucket@lemmy.world 2 weeks 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!
UltraGiGaGigantic@lemmy.ml 2 weeks ago
We should solve our own problems. Haven’t we exported enough problems abroad already?
Grass@sh.itjust.works 3 weeks ago
come on canada start taking notes
M0oP0o@mander.xyz 2 weeks 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 2 weeks ago
As an American, I just may do the same.
titanicx@lemmy.zip 2 weeks ago
We have debit. And etransfer for things like PayPal or Venmo.
Aceticon@lemmy.dbzer0.com 2 weeks 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.
matlag@sh.itjust.works 2 weeks ago
Canada has Interac but turned it in a for profit.
The Bank of Canada has considered a digital CAD but not started anything yet. Maybe they are taking notes?
Meanwhile, we could give biz the option to lower their prices and in exchange pass down the cards fees to customers (transparently of course, big display: Visa +n1%, Mastercard: +n2%, …). The current system makes all prices higher but cards provide rebates or other benefits. That’s pretty much a tax on the poor who can’t access “high end” credit cards.
Eezyville@sh.itjust.works 2 weeks ago
I’m all for Europe doing their own thing. I’m an American and even I hate seeing the US use it’s position for bully politics. No citizen of any other country should ever thing that an American company or govt will treat them with dignity or respect. Look at how we treat each other.
boaratio@lemmy.world 2 weeks ago
Why do Visa and MasterCard exist? The middleman that jacks up the price while offering the end user nothing? Thanks capitalism.
Aeao@lemmy.world 2 weeks ago
There was a time back in the day it was useful.
CummandoX@lemmy.world 2 weeks ago
Before smartphones, credit cards were the cashless option.
Now that we all have a more than capable payment terminal in our pocket, Visa and mastercard are obsolete
SaveTheTuaHawk@lemmy.ca 2 weeks ago
They offer credit to losers to spend more than they should. But the credit rates are what used to be usury when the mob did it.
FlashMobOfOne@lemmy.world 2 weeks ago
Love to see it.
Anything that diminishes Visa and MC’s power is probably a good thing.
Limonene@lemmy.world 2 weeks 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 2 weeks 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.
MITM0@lemmy.world 2 weeks ago
Is Wero OpenSource ? Between me & you, I really hope GNU-Taler gets mass adoption they are on version 1.3 I think
gandalf_der_12te@discuss.tchncs.de 2 weeks ago
what does GNU Taler do exactly? is it just another blockchain-like cryptocurrency scheme? Does it require a traditional bank to provide some kind of API? How does institutional oversight work?
Xylian@lemmy.world 2 weeks ago
Wero is intregrated into the banking apps we already have. In Germany the banks ING, Volksbank and Sparkasse already implemented it.
Gobbel2000@programming.dev 2 weeks ago
That’s just a different proprietary app though.
Limonene@lemmy.world 2 weeks ago
Are any of those apps FOSS?
BrightCandle@lemmy.world 2 weeks 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 2 weeks 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.
SabinStargem@lemmy.today 2 weeks ago
Personally, I think having WERO available to Americans would be a good thing for Europe. It aligns the American population more closely to Europe, and if America has a civil war, Europe would have stronger economic ties with the side they favor.
As an American, I certainly wouldn’t mind using WERO. Aside from buying my hentai games without censorship, I would like to keep my money in a safe institution. DOGE broke into America’s social security systems, and exfiltrated data that includes things like bank account numbers. It wouldn’t be surprising if Donald withdraws money from his enemies, without any oversight. Or just orders the banks to do so on his behalf, with ICE in every branch.
Point being, I don’t trust America with my wealth. Europe should use that feeling as a springboard for global spread of the Euro.
technocrit@lemmy.dbzer0.com 2 weeks 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.
teslasaur@lemmy.world 2 weeks ago
Yeah, i was thinking the same thing. Changing one evil for another.
dan@upvote.au 3 weeks 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.
JovialSodium@lemmy.sdf.org 3 weeks 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.
CaptainBasculin@lemmy.dbzer0.com 2 weeks ago
if Turkey was able to do it with Troy, why not Europe with Wero? Hope it all goes well
melsaskca@lemmy.ca 2 weeks ago
Costco broke up with VISA so, it’s possible. Re-establish the Templars again as the new money lenders from old.
MasterNerd@lemmy.zip 2 weeks ago
Man I wish I lived in the EU
evol@lemmy.today 2 weeks ago
Hope they don’t just end up recreating their own version of it
k0e3@lemmy.ca 2 weeks ago
Nice. We have JCB in Japan but I think it piggybacks off VISA/Mastercard for overseas transactions. It’d be cool if it partnered up with a European counterpart for purchases made in the EU.
skulkbane@lemmy.world 2 weeks 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.
SalamenceFury@piefed.social 3 weeks 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.
cman6@lemmy.world 2 weeks 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!
mattyroses@lemmy.today 2 weeks ago
I think the Digital Euro is going to be a better idea long term - taking off the hidden tax of payment processor fees is going to make businesses and people richer.
sem@piefed.blahaj.zone 2 weeks ago
What is GNU Taler?
baatliwala@lemmy.world 2 weeks ago
Great news. In India we have UPI which already made Mastercard and Visa come to their knees.
Mwa@thelemmy.club 2 weeks ago
great news
we need more alternatives to Visa and Mastercard.Gammelfisch@lemmy.world 2 weeks ago
Fucking MAGA and Russia are fusing the European Union. Good! As an EU citizen I fully support this type of progress.
LedgeDrop@lemmy.zip 3 weeks 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 3 weeks ago
Good. I hate Visa and MC
iamthetot@piefed.ca 3 weeks ago
Canada next please.
cmeu@lemmy.world 2 weeks ago
edgemaster72@lemmy.world 3 weeks ago
Love that for EU
spaghettiwestern@sh.itjust.works 3 weeks 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.
ReallyActuallyFrankenstein@lemmynsfw.com 3 weeks 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 2 weeks 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 2 weeks 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 3 weeks 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 3 weeks 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.
hector@lemmy.today 3 weeks 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 2 weeks ago
I think you wanted to use past tense here.
other_cat@piefed.zip 2 weeks ago
Apparently collapse is profitable
obviouspornalt@lemmynsfw.com 2 weeks ago
Chaos is a ladder
Lucidlethargy@sh.itjust.works 2 weeks ago
The corporate overlords area fucking idiots. They always have been.
CosmoNova@lemmy.world 2 weeks 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.
CobblerScholar@lemmy.world 3 weeks 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 3 weeks ago
I think it’s simpler than that and just is down to the impact on the next quarter’s profits.
ilinamorato@lemmy.world 3 weeks 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.
technocrit@lemmy.dbzer0.com 2 weeks 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 2 weeks ago
Only the mega corporations are doing fine. Small businesses are going bust left and right.
Tollana1234567@lemmy.today 2 weeks ago
24 trillion.
standarduser@lemmy.dbzer0.com 3 weeks ago
American big business? Not a dime. It’ll be a bailout on the American tax dollar I bet.
BarneyPiccolo@lemmy.today 3 weeks ago
They’ll make sure it hurts us, long before it ever touches them.
DarkSideOfTheMoon@lemmy.world 2 weeks 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 2 weeks ago
Sometimes?