Europe’s $24 Trillion
Great, now nobody knows how much that is (other than a lot).
Europe’s $24 Trillion Breakup With Visa and Mastercard Has Begun
Submitted 2 months ago by Beep@lemmus.org to technology@lemmy.world
Comments
AnUnusualRelic@lemmy.world 1 month ago
SomeRandomNoob@discuss.tchncs.de 1 month ago
100K is a lot. 24T is unfathomable. :)
UnderpantsWeevil@lemmy.world 1 month ago
It’s transactions at the scale of a continent rather than a household or a business. Hardly unfathomable. Just bigger.
leftzero@lemmy.dbzer0.com 1 month ago
Yeah, but European unfathomable, or British unfathomable?
UltraGiGaGigantic@lemmy.ml 1 month ago
I could make a tally stick worth 24 trillion dollars EZ. Seems pretty fathomable to me.
englislanguage@lemmy.sdf.org 1 month 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.
Talvi@feddit.org 1 month ago
Wero is basically just SEPA real time transactions under the hood, so you can just use your bank app to transfer via IBAN.
Wispy2891@lemmy.world 1 month ago
that means it’s almost useless then, because SEPA offers absolutely zero fraud protection. Once you sent the money, it’s impossible to get it back even if you contact the bank 1 second later.
Exception: some hacker did some social engineering and posing as the ministry of defense, persuaded one of the richest men in italy to send him a bribe via SEPA. In that case the banks were able to reverse it one week after. Normal people instead gets only a FUCK YOU.
Divagante@thelemmy.club 1 month ago
I read that there also are lots of concerns regarding privacy of data. It apparently collects lots of your data and interactions and shares it with third parties for publicity and so. And they’re not transparent at all on this point.
What’s the point of having a European app if it behaves worst than GAFAM?
Anyway, I don’t know how much is rumour, how much is true. Does anybody have more information?
Barracuda@lemmy.zip 1 month ago
I can’t imagine that they could be worst than the existing VISA and MasterCard duopoly.
tazeycrazy@feddit.uk 1 month ago
If it’s onshore then it would be possible to regulate. If it’s overseas then I imagine it would be harder to regulate without kicking visa and MC out of the EU and then we would need to start over anyway.
Reygle@lemmy.world 1 month ago
Honestly I can hardly wait to hear my management tell me how much money they’ve lost on their investments. I’m ready for this place to fall and will welcome the “end” when it finally goes.
When it does, I hope Canada invades (joke, but no really please DO do that)
SAF77@lemmy.world 1 month ago
About fucking time.
Sxan@piefed.zip 1 month ago
It absolutely needs to be compatible wiþ Visa/Mastercard/Amex, for tourists who will probably have no choice to get into þis even if þey wanted to. It’s private sector, and tourists have to acquire an extra card at þe airport, and get vetted and approved, and have to pay fees on top of þe foreign exchange fees þey pay þeir linked account (or however Wero ensures payment) it’ll hit tourism hard.
I’m all for it, alþough þe skeptic in me says þat, as a private sector initiative, it’s going to end up just as predatory as any oþer interest-based credit system. European capitlaists aren’t paragons of eþical virtue (hello, De Beers! Hello, Nestlé!). I’d have more faiþ in the public sector digital currency.
dan@upvote.au 1 month ago
It’ll probably work how it works in Australia. Payment terminals accept both the local network (EFTPOS) as well as Visa, Mastercard, etc. Aussie debit cards are processed via EFTPOS, while international cards use Visa/MC/whatever.
Vitaly@feddit.uk 1 month ago
What is this letter that you use?
defaultusername@lemmy.dbzer0.com 1 month ago
It’s a thorn, and it makes the “th” sound. It’s an outdated letter not used in any modern languages.
technocrit@lemmy.dbzer0.com 1 month ago
Isn’t crypto supposed to be a worthless grift tho? \s
SpaceMan9000@lemmy.world 1 month ago
Open article, control+f for “crypto”. 0 results.
SocialMediaRefugee@lemmy.world 1 month 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.
Vitaly@feddit.uk 1 month ago
Can’t we just all use cryptocurrency?
Sgt_choke_n_stroke@lemmy.world 1 month ago
Vitaly@feddit.uk 1 month ago
You don’t need to trust bitcoin because one of the fundamental principles of it is trustlessnes. the only problem I see is constantly changing price of bitcoin
defaultusername@lemmy.dbzer0.com 1 month ago
Crypto doesn’t have the same consumer protections as centralized cards, though. You can’t dispute a fraudulent transaction with crypto, as every transaction, much like cash, is permenant and irreversable. That and crypto also has a negative connotation with scams, as it is very commonly used to scam people.
The technology and the idea of a decentralized currency is cool, and with cryptos like Monero, can even mean private transfers of money across the internet, but it also has its flaws.
Allero@lemmy.today 1 month ago
Not really.
- Emission is uncontrollable, which is actually bad as central banks lose control over inflation
- Crypto can be easily obscured and moved everywhere, which means bad actors could easily convert their crypto to, say, Monero and move it out without raising alarms
- Deflationary crypto heavily disincentivizes any spending, bringing economy to a halt
oce@jlai.lu 1 month ago
As said in the article, in Western Europe you can already use Wero to bypass those and it is spreading in Europe. In France, for the past 40 years, the “CB” network has been available for every basic bank payment card, which is also Independent from the Americans. en.wikipedia.org/wiki/CB_Bank_Card_Group I think the new initiative will spread, unify and simplify things.
Amberskin@europe.pub 1 month ago
How to make this competitive vs. current, American owned networks?
Put a microtax in every financial transaction going out of the EU.