- cross-posted to:
- canada@lemmy.ca
- cross-posted to:
- canada@lemmy.ca
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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
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.
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.
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.
Good. The Mastercard and Visa tax never made any sense. We deserve better.
Good. Make it hurt.
I want to see CEOs from the sky.
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.
They would be tiny from way up there
I like the way you think, get them to terminal velocity.
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!
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…
This is like that son that was sexualy abused by his dad for years, then killed and ate him.
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.
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?
Most other countries don’t have to rely on the antiquated network the US uses for resolving those bank to bank transactions. In South korea, Street vendors have what looks like a phone number posted on signage around their Wares or snacks and people just make effectively debit pushes from their bank to the merchant’s bank in real time with zero margins.
I kind of expect this is how the rest of the world operates and it’s only the us then sits on using its own infrastructure which it made one time, in the 1960s, and has refused to move off of since. This created a lot of the market need for a bunch of private companies to make their own little piggybacking solutions like venmo, zelle, square cash, and all the others.
Too be fair, a lot of major businesses in the US now just exist as financialization institutions extending debt to their large-scale clientele, under the guise of being manufacturing or data services. Like GM. Or Oracle.
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.
There was a time back in the day it was useful.
great news
we need more alternatives to Visa and Mastercard.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)
come on canada start taking notes
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.
We have debit. And etransfer for things like PayPal or Venmo.
Ha, venmo is such a scam. And paypal is just as bad as MasterCard
How the fuck is venmo a scam? Jesus Christ what Idiocracy.
How is it not? They take a part of every fucking payment. Jesus Christ would not like it at all.
You mean like every company that charges a fee? That’s not a scam, that’s called business. Jesus Christ it’s like people want everything for free and don’t understand that it costs money to run a business. Credit cards charge interest, your bank charges fees, businesses price stuff over their cost. That farmer you pay for their vegetables charges more then it cost them to produce. These aren’t scams. They are the cost of having services and good provided to you.
How much is the fee? Because last I checked it was not like an etransfer (included in most banking plans).
if Turkey was able to do it with Troy, why not Europe with Wero? Hope it all goes well
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.
That’s not exactly true. You can pay through an existing credit card via Pix (it doesn’t have to be Visa or MasterCard), or pay in instalments via pre-approved credit with the bank.
Can’t we just all use cryptocurrency?
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.
I do think blockchain technology has its uses, though, for example, with government elections, although in that case, individual clients can be compromised, and there is a high amount of incentive for malicious actors to do so.
And that is ignoring the many issues with proof of work and its power usage.
You think people can trust crypto?
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
That’s part of the trust problem though; when I have a $10 note in my pocket, I trust that it will still be $10 when I go to pay for my coffee later that day.
If I get $10 worth of Bitcoin out of an ATM in the morning, I don’t have that same faith in the afternoon. It might be $7, it might be $3, it might be $15,000. That volatility is exactly why I can’t trust it as my standard currency.
And the immense resources required as well as the processing time for a transaction.
Now I’m not saying someday a digital currency won’t work. Just it isn’t Bitcoin, plenty of other more viable coins but most people just gamble now.
I think Bitcoin was a good proof of concept that this system can work and scale. Ethereum is trying to be the viable option. I personally like Monero. I am sure in a hundred years or so if crypto is still here, it will be more viable and stable.
You’ll own nothing and be happy about
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.
Is Wero OpenSource ? Between me & you, I really hope GNU-Taler gets mass adoption they are on version 1.3 I think
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?
It’s in the website.
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.
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. Aussie cards are dual network (support both EFTPOS and Visa/MC/whatever) so they work overseas too.
Isn’t crypto supposed to be a worthless grift tho? \s
Open article, control+f for “crypto”. 0 results.
