Info EU creating own payment services processors to end reliance on US services to avoid dependence

[gorobei]

to avoid US softpower wielded by unstable administrations, they are getting banks in each member to make a unified system with less fees going to visa/mc.

should be interesting as they will not be governed by the flawed US court precedent that makes payment processors accountable for content being sold/transacted that has resulted in us companies censoring games/movies/manga/etc from their stores if they want to use visa/mc. can US onlyfans creators use a european processor? if so that could be a boon to privacy.

 

[MrSquished]

Love to see it. More of this Europe!

 

[brycejones]

Who knew being an untrustworthy partner had consequences?

 

[biostud]

In Denmark we've had the Dankort since 1985 which is a debit card, with a fixed fee pr transaction of 50 øre (8 cent).

Dankort - Wikipedia

en.wikipedia.org

 

[mikeymikec]

Hopefully we won't see a follow-up on this in 10/20/30 years' time when the EU authorises a sale of these alternate companies to Visa/MasterCard.

I wonder what the likelihood is of the US rules being softened in light of new competition.

 

[DZero]

Meanwhile in Brazil...

Brazil's Pix Impacts on the Card Industry | PCMI

The real-time payment system Pix is competing with the card networks. How should they react?

paymentscmi.com

Pix is winning more and more terrain, last year they entered on Paraguay.

Even Trump want those systems out and will find a way to screw everyone.