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Or you force and open standard and now you have different companies using the same system but with competing pricing. If something "has to be a monopoly", ther
by DarkNova6 2y ago
Or you force and open standard and now you have different companies using the same system but with competing pricing.
If something "has to be a monopoly", there is a good case to be made that you are talking about a core public infrastructure piece which shouldn't be under control of a singular private entity.
- Jensson 2y agoCredit cards need to have personal connections with businesses since it is about mutual trust. A business doesn't want to deal with a shady credit card and credit card providers doesn't want to deal with shady businesses. So you are talking about a technical solution to a social issue, that wont solve it.
- tremon 2y agoMutual trust doesn't scale. You really think that either Visa or Mastercard has a personal connection to every grocery store that accepts credit card payments?
- DarkNova6 2y agoOnline pay providers show that it is very well possible. There are tons of payment providers which are widely supported. The only difference is that some of them have a physical presence while others do not. With a common standard, the available of card-based payment providers would indeed increase. In europe, you often can't pay with Diner's Club or American Express. If they would not all have proprietary systems and were compatible, then their adoption would in-fact increase. Naturally, not every grandmother and their dog should be able to use this standard but there must be a well-respected authority behind it. Taken to the extreme and we couldn't trust anybody we couldn't have root certificates.