This is a most excellent place for technology news and articles.
Great news. In India we have UPI which already made Mastercard and Visa come to their knees.
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.
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.
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.
Why do Visa and MasterCard exist? The middleman that jacks up the price while offering the end user nothing? Thanks capitalism.
There was a time back in the day it was useful.
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
Sorta. Whomever does payment on your behalf has to be willing to extend credit for an immediate transaction while the very slow process of exchanging money happens at a delay. This is especially so if the transactions are international. I truly wonder how the phone with just an ordinary bank account does this. Is it Google/Apple who extend credit? If so, is that better?
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?
I can't imagine that they could be worst than the existing VISA and MasterCard duopoly.
if Turkey was able to do it with Troy, why not Europe with Wero? Hope it all goes well
Not the same thing. Every european country already has domestic Troy.
Turkish person here: Troy is not yet that popular, but it is slowly getting there. Give it another 5 years. The best example is probably Brazil's Pix.
Pix is amazing but it is like an instant bank transfer. One cannot buy on credit through Pix.
Probably a good thing. Buying on credit is a very bad way to spiral into crushing debt.
Interesting
Efforts are underway to expand the international e-commerce presence of TROY, which is already widely used and 100% accepted at all retail locations and e-commerce platforms across Turkey.
source Translated with translate.kagi.com
Costco broke up with VISA so, it's possible. Re-establish the Templars again as the new money lenders from old.
What Would Jesus Do? Probably burn down banks and most churches.
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.
Wero is intregrated into the banking apps we already have. In Germany the banks ING, Volksbank and Sparkasse already implemented it.
That's just a different proprietary app though.
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!
