4 ms·
I think this is completely wrong. It's not the 'credit' that drives this, so much as the 'digitization'. That can be achieved without credit. European countr
by jollybean 4y ago
I think this is completely wrong.
It's not the 'credit' that drives this, so much as the 'digitization'.
That can be achieved without credit.
European countries have been doing it for a long time.
Canada has 'Interac'.
There is utterly no need for VISA/MC.
A fairly simple banking standard could make it so that you could pay for stuff with some kind of card + PIN and that's it. There'd be a tiny fee which would help take care of fraud. Done. It already works in large economies.
The US has regulatory capture by large corporations.
- Spooky23 4y agoPerhaps, but the US has a very different journey. Canada for example has like 60 banks. The US has 10,000+ banks and credit unions, and probably 3x more when the system started. Interop is different.
- thematrixturtle 4y ago> There is utterly no need for VISA/MC. Unless you're a visitor who doesn't have access to the local system. As a traveller, it's now possible to travel to other countries and never touch local cash, because everything can be paid for by credit card. In the US, tips have historically been the outlier, but while Venmo is increasingly taking over, that's not something you'll have access to without a US bank account.
- jollybean 4y agoI suggest you'd be able to get a 'card' on the system that is 'cash only'.