Considering they’ll probably sell to Visa or MasterCard, like they did last time, the banks shouldn’t get a single Euro. Honestly, Visa nor MasterCard are exactly threats to Europe.
Why should there be public funding? If the idea isn’t that innovative, if Visa/Mastercard are doing just fine, and if the private backers weren’t able to generate cash themselves. Doesn’t that mean they should go back to the drawing board since there really isn’t the market for it?
While a European alternative to Visa and Mastercard would be nice, it would probably have little to no additional value for retailers and customers. Some European banks would get more fees, and nobody else cares.
European institutions should instead focus their limited budgets on the digital euro, which could actually provide additional value with no fees and more open APIs.
Just spread over EU BLIK, its fast, safe and easy. Who need credit card?
A big advantage/disadvantage (depending on your beliefs) of having only two major payment processors (or three if you count PayPal) is that they can act as a non-political hard power. Organisations that, while technically legal, do things or hold beliefs that aren’t socially acceptable can be forced to curtail or cease their operations through pressure applied to payment processors. For example, white supremacist groups being forced offline or PornHub/Patreon being forced to restrict user content.
A greater diversity of payment providers might allow these organisations to operate as they see fit. It’s also a challenge posed by cryptocurrency.
EU should focus on introducing a digital euro backed by the ecb. There is no benefit to filling the pockets of private banks by introducing yet another banking service that is no better then the old ones. Frictionless digital p2p transactions with no added cost maintained by the state make more sense then decentralizing the market further.
What’s the point?
What we need is to make it easier to have lots more Visa & Mastercard competitors. We don’t need 3, we need hundreds of them. The danger with such a small group of companies like this is that they can be more powerful than even governments or can be easily used as tools of control. Look at Pornhub, they pretty much destroyed that company because they can.
Why not private funding and even IPO? I’d want to be able to invest in something like that.
More competition is always a good thing, will follow this in the news – I hardly use cash anymore.
Also this can happen: *Amazon to stop accepting Visa credit cards in UK*
Seems pointless. You already have so many alternative options (google pay, apple pay, samsung pay, crypto, square) that the market is developing that can be not under the direct control of an us company. Ultimately, it won’t matter because they will still be part of the us financial system and will still comply with the us government. If it wasn’t the case, the alternative payment system the eu setup with iran would have been successful.
Is it just me or does Europe seem to want to break up every successful American enterprise on the continent? I mean seriously between this, the SpaceX hate and trying to replace even one letter in GAFA with a European one. What did we ever do to you guys?
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Considering they’ll probably sell to Visa or MasterCard, like they did last time, the banks shouldn’t get a single Euro. Honestly, Visa nor MasterCard are exactly threats to Europe.
Why should there be public funding? If the idea isn’t that innovative, if Visa/Mastercard are doing just fine, and if the private backers weren’t able to generate cash themselves. Doesn’t that mean they should go back to the drawing board since there really isn’t the market for it?
While a European alternative to Visa and Mastercard would be nice, it would probably have little to no additional value for retailers and customers. Some European banks would get more fees, and nobody else cares.
European institutions should instead focus their limited budgets on the digital euro, which could actually provide additional value with no fees and more open APIs.
Just spread over EU BLIK, its fast, safe and easy. Who need credit card?
A big advantage/disadvantage (depending on your beliefs) of having only two major payment processors (or three if you count PayPal) is that they can act as a non-political hard power. Organisations that, while technically legal, do things or hold beliefs that aren’t socially acceptable can be forced to curtail or cease their operations through pressure applied to payment processors. For example, white supremacist groups being forced offline or PornHub/Patreon being forced to restrict user content.
A greater diversity of payment providers might allow these organisations to operate as they see fit. It’s also a challenge posed by cryptocurrency.
EU should focus on introducing a digital euro backed by the ecb. There is no benefit to filling the pockets of private banks by introducing yet another banking service that is no better then the old ones. Frictionless digital p2p transactions with no added cost maintained by the state make more sense then decentralizing the market further.
What’s the point?
What we need is to make it easier to have lots more Visa & Mastercard competitors. We don’t need 3, we need hundreds of them. The danger with such a small group of companies like this is that they can be more powerful than even governments or can be easily used as tools of control. Look at Pornhub, they pretty much destroyed that company because they can.
Why not private funding and even IPO? I’d want to be able to invest in something like that.
More competition is always a good thing, will follow this in the news – I hardly use cash anymore.
Also this can happen: *Amazon to stop accepting Visa credit cards in UK*
https://www.bbc.com/news/business-59306200
Is this Wirecard 2.0?
Seems pointless. You already have so many alternative options (google pay, apple pay, samsung pay, crypto, square) that the market is developing that can be not under the direct control of an us company. Ultimately, it won’t matter because they will still be part of the us financial system and will still comply with the us government. If it wasn’t the case, the alternative payment system the eu setup with iran would have been successful.
Is it just me or does Europe seem to want to break up every successful American enterprise on the continent? I mean seriously between this, the SpaceX hate and trying to replace even one letter in GAFA with a European one. What did we ever do to you guys?