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This guy read the article before he commented, everyone laugh at him!
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Am so better!
edit: tldr
With this economy!
It’s a problem for visa and mastercard, I guess 🤷♀️ certainly not for Europe…
I feel like whoever wrote the headline fucked it up, because the article reads more like that Visa/MasterCard payments are a 24 trillion problem, and wero is a potential solution.
Fund tranfering should be a gov service provided at cost and maintained as a partnership between nations to make commerce easy for their citizens.
Profit shouldn’t even be a concern.
This is the only correct way. An EU-funded open-data, open-government, open-source Project with the whole purpose of building a non-profit alternative to Visa or even PayPal
Will never happen though :-(
(gov provided) services should never be for profit
government = people who live in the country. So government services are literally by the people for the people. trying to profit from them is like having a parasite.
Brazilian Pix be like:
A few years back I remember who I believe was a commission leader in Brussels commenting on Pix along the lines of: Pix has given banking access to many Brazilians. We already have a very high quota in Europe, so we will not need an equivalent system… I don’t think there’s much interest in the political sphere for a publicly run solution like this.
Pix had anything to do with banking access. You need to have a bank account to have access to pix. Pix is a money transfer system, that is free for individual users and extremely cheap for companies, controlled by the central bank that works instantly 24/7.
Edit: is also mandatory for banks and financial institutions so everyone has it
I’m aware. The difference in fees compared to MC/Visa for example is staggering, but no surprise if the infrastructure isn’t profit-oriented. I was just making the point, that the ones responsible to make it happen in Europe are making excuses for why it won’t be done. It is true though, that around the time of Pix being implemented there was a boom in financial inclusion in Brazil. But that might have just as well been because of the pandemic and Pix just made it easier for everyone.
But think of the poor banks and card companies!!
For bank transfers this is already a thing, it’s called SEPA. Transfers are instant and free (to the user at least, no idea if the banks have to pay).
But yes, there should be an equivalent thing for in-person payments too.
Wero lets users send money using just a phone number
No, Wero lets users send money using a smartphone. If there’s no desktop interface (like Poland’s BLIK) I’m gonna be disappointed. I know India’s UPI runs on HMD dumbphones, would be nice to have something like this.
That’s a question for your bank. Wero is a system designed for mobile payments between banks, but in 95% of all cases it’s your bank implementing it for the user.
problem
Slop title.
The solutions are ready, super cheap, and the transition period gradual & managed.It is a revenue problem for MasterCard & Visa, bcs no more free monies for them.
fuck em
And no more data as well. Don’t forget about the consumer data.
Oh, yes, absolutely a valid point!
That has enormous consequences, third parties & data brokers are making a killing & worsen our society.
The article omits that Wero is running on top of AWS. So still the same problem, just slightly lower in the stack.
It’s easier to replace AWS with a European alternative, than Visa or Mastercard. So the problem is smaller.
True, and I also did not mean to let better be the enemy of good. Just that we’re not in the clear yet.
Centralized problems are generally easier to solve than distributed problems. Depending on their architecture moving to an EU cloud provider could range from tricky but manageable to very painful , but it’s a centralized IT problem that can be attacked and solved. Getting every retail vendor to support Wero is much harder, and is being solved apparently.
Valid point.
But technically an easier transition to own solutions at some point.Wero has its roots before the overall critical industry ‘digital independence’ got enough attention (in the recent year), it was more about solving a specific duopoly (that a lot of banks & startups started solving anyway, just way more fragmented).
Fuck Visa and Fuck Mastercard, they have no business dictating what people are allowed to buy. Just process the fucking payment.
Even without them dictating that having absolute core infrastructure privately owned (and in a foreign country at that) is insane.
Not to mention them being profit driven & expensive.
Hopefully, Europe will offer options to Americans. I want to enjoy my perverse media, and to oppose christofascist organizations.
a $24 trillion problem for Visa and Mastercard maybe
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In Spain we use bizum and it is becoming a really fast standard, I have even seen it for online commerce
Europe just seems to be making all the right moves. Made apple go usb-c. This. Privacy laws. And more.
Some right moves, sure.
Good that the article points out that the US and Chinese providers are already fighting the European alternatives. By occupying other layers of the stack, rendering European digital payment sovereignty impossible. High time to accelerate this!
Brazil should advertise PIX.
