4 ms·
Yeah, in the same way that a washing machine can be replaced by a river and a piece of wood. As the parent comment explains, nearly every electronic money syst
by vvillena 8y ago
Yeah, in the same way that a washing machine can be replaced by a river and a piece of wood.
As the parent comment explains, nearly every electronic money system in Europe uses Visa or Mastercard as a backend, creating a unhealthy duopoly. The free market needs some competition so it can thrive.
- blattimwind 8y agoAIUI the two largely act as a fallback and the relevant interbank network (e.g. Girocard) is used directly if possible.
- Someone 8y ago”nearly every electronic money system in Europe uses Visa or Mastercard as a backend” I think that’s nearly every credit card system. Many countries have debit card systems that, AFAIK 100% outside of Visa and MasterCard, traditionally work across most banks in the countries, and nowadays work across the Single European Payment Area (28 EU countries plus six others. See https://en.wikipedia.org/wiki/Single_Euro_Payments_Area https://en.wikipedia.org/wiki/Single_Euro_Payments_Area).