this post was submitted on 10 Feb 2026

1119 points (99.6% liked)

Technology

81026 readers

4586 users here now

This is a most excellent place for technology news and articles.

Our Rules

Follow the lemmy.world rules.
Only tech related news or articles.
Be excellent to each other!
Mod approved content bots can post up to 10 articles per day.
Threads asking for personal tech support may be deleted.
Politics threads may be removed.
No memes allowed as posts, OK to post as comments.
Only approved bots from the list below, this includes using AI responses and summaries. To ask if your bot can be added please contact a mod.
Check for duplicates before posting, duplicates may be removed
Accounts 7 days and younger will have their posts automatically removed.

Approved Bots

founded 2 years ago

MODERATORS

L3s@lemmy.world

enu@lemmy.world

technopagan@lemmy.world

L4s@lemmy.world

L3s@hackingne.ws

1119

Europe’s $24 Trillion Breakup With Visa and Mastercard Has Begun (europeanbusinessmagazine.com)

submitted 1 day ago by Beep@lemmus.org to c/technology@lemmy.world

251 comments fedilink hide all child comments

(page 2) 50 comments

sorted by: hot top controversial new old

[–] Zink@programming.dev 86 points 1 day ago (2 children)

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 33 points 1 day ago (2 children)

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...

load more comments (2 replies)

load more comments (1 replies)

[–] cman6@lemmy.world 18 points 1 day ago (4 children)

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 15 points 1 day ago* (last edited 1 day ago) (3 children)

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. I never communicated with Visa/MC. Since this system is pretty much SEPA in a trench coat, I'm pretty sure the same would work here.

[–] GamingChairModel@lemmy.world 9 points 23 hours ago (2 children)

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).

[–] pkjqpg1h@lemmy.zip 4 points 18 hours ago

As far as they writes the rules, no thanks

load more comments (1 replies)

[–] Holytimes@sh.itjust.works 12 points 1 day ago* (last edited 1 day ago) (3 children)

Yes they do offer actual protections.

A debit card while using visas processing network is still your banks account and their responsibility. And it's your personal money. Unlike a credit card which is NOT your money and not your sole liability. You are jointly liable with a credit card and solely liable with a debit card.

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.

load more comments (3 replies)

load more comments (1 replies)

load more comments (3 replies)

[–] AnUnusualRelic@lemmy.world 7 points 22 hours ago (1 children)

Europe’s $24 Trillion

Great, now nobody knows how much that is (other than a lot).

[–] SomeRandomNoob@discuss.tchncs.de 6 points 22 hours ago (3 children)

100K is a lot. 24T is unfathomable. :)

[–] UltraGiGaGigantic@lemmy.ml 1 points 14 hours ago

I could make a tally stick worth 24 trillion dollars EZ. Seems pretty fathomable to me.

[–] leftzero@lemmy.dbzer0.com 2 points 16 hours ago* (last edited 16 hours ago) (1 children)

Yeah, but long scale unfathomable, or short scale unfathomable?

load more comments (1 replies)

[–] UnderpantsWeevil@lemmy.world 3 points 20 hours ago

It's transactions at the scale of a continent rather than a household or a business. Hardly unfathomable. Just bigger.

[–] spaghettiwestern@sh.itjust.works 253 points 1 day ago* (last edited 1 day ago) (20 children)

I wonder how many trillions of dollars the Trump dumpster fire will end up costing American business.

You'd think our corporate overlords would remove him.

[–] technocrit@lemmy.dbzer0.com 4 points 19 hours ago* (last edited 19 hours ago) (1 children)

I wonder how many trillions of dollars the Trump dumpster fire will end up costing American business.

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! The right/rich people will be bailed out. Etc.

[–] GreenBeanMachine@lemmy.world 4 points 18 hours ago* (last edited 18 hours ago) (1 children)

Only the mega corporations are doing fine. Small businesses are going bust left and right.

Once people lose their jobs and can't afford to spend, what do you think will happen?

load more comments (1 replies)

[–] ReallyActuallyFrankenstein@lemmynsfw.com 93 points 1 day ago* (last edited 1 day ago) (14 children)

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 in a total economy worth $20 trillion.

Win/win for Trump and the billionaire, at the cost of everyone else.

That's basically what's happening, and will continue to happen.

load more comments (14 replies)

load more comments (18 replies)

[–] herseycokguzelolacak@lemmy.ml 131 points 1 day ago

Good. The Mastercard and Visa tax never made any sense. We deserve better.

[–] eager_eagle@lemmy.world 111 points 1 day ago* (last edited 1 day ago) (3 children)

reminds me when Brazil launched their Pix payment system nationwide, which is free for individuals, and the US launched an investigation into unfair trading

potential unfair advantaging of Brazilian payment services over US competitors was cited

Brazilian President Luiz Inácio Lula da Silva has accused US president Donald Trump of being "bothered by Pix" because it "will put an end to credit cards"

lol get rekt

load more comments (3 replies)

[–] skulkbane@lemmy.world 14 points 1 day 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.

[–] Grass@sh.itjust.works 66 points 1 day ago (16 children)

come on canada start taking notes

[–] Aceticon@lemmy.dbzer0.com 7 points 1 day ago* (last edited 1 day 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 been not just available but actually dominant for decades in countries like The Netherlands and Portugal.

load more comments (15 replies)

[–] FlashMobOfOne@lemmy.world 48 points 1 day ago

Love to see it.

Anything that diminishes Visa and MC's power is probably a good thing.

[–] db2@lemmy.world 119 points 1 day ago* (last edited 1 day ago) (8 children)

Good. Make it hurt.

I want to see CEOs from the sky.

load more comments (8 replies)

load more comments