That being said, there are several initiatives that can hopefully challenge the visa/mc hegemony: https://payid.com.au/ https://payid.com.au/ is gaining wide a

That being said, there are several initiatives that can hopefully challenge the visa/mc hegemony: https://payid.com.au/ https://payid.com.au/ is gaining wide adoption in Australia. It seems like Australia has abandoned their homegrown payment rails (EFTPOS) in recent years and all bank cards are actually visa/mc. But maybe with PayId on phones this will change again. https://www.europeanpaymentscouncil.eu/what-we-do/sepa-instant-credit-transfer https://www.europeanpaymentscouncil.eu/what-we-do/sepa-insta... is coming to Europe and hopefully will see similar adoption to PayID. As mentioned often, America is behind the rest of the world by at least a decade but maybe they can leapfrog similar to developing markets.