Visa and Mastercard will never disappear. Banks get interchange fees, consumers get chargeback protection and merchants got a stronger final settlement than ch

Visa and Mastercard will never disappear. Banks get interchange fees, consumers get chargeback protection and merchants got a stronger final settlement than cheques. The last of those is the most important. Merchants happily ate high fees and chargeback risk in the late 20th century because cards had a lower fraud risk than cheques. No modern payment system can compete because there’s nobody willing to eat the risk for everyone else. British banks hate bank transfers because they so often are fraud liable, consumers hate crypto because they are so often fraud liable. Those various payment schemes do have use cases, but it’s hard for them to compete at a grocery store. Moreover, visa/mastercard were able to get big before payments became so important governments. This has a massive advantage in tourism and international payments. India and the EU will never be able to agree on a common payments standard to make SEPA & UPI compatible, for example.