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> I think what we have isn't a free market but a duopoly of mastercard/visa each with control over their respective domain. You can't upgrade the security, priv
by thewebcount 4y ago
> I think what we have isn't a free market but a duopoly of mastercard/visa each with control over their respective domain. You can't upgrade the security, privacy, or efficiency of the network because the big players benefit from the insecurity, surveilance, and inefficiency.
What does that have to do with the article? Neither MasterCard nor Visa is involved with Zelle, are they? The article says it's controlled by a group of banks. Presumably they've set up a new system, so they could make it as secure as they'd like.
- cowtools 4y agoIt's just another proprietary network with its own gatekeepers. I don't see what the fundamental change is here over something like SWIFT. It may only be temporarily competitive as it tries to penetrate the market. Once it reaches a sufficient enough market share, they will be able to hike up fees and disregard users like the systems that came before it.