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> even tho day-by-day reality is clear that Visa (and mastercard) is losing marketshare in many places to fintechs. Do you have any evidence for that at all? T
by hn_throwaway_99 2y ago
> even tho day-by-day reality is clear that Visa (and mastercard) is losing marketshare in many places to fintechs.
Do you have any evidence for that at all? The majority of fintechs I can think of (at least the ones that provide cards, either debit or credit) do so on the Visa or MC payment rails.
- marcosdumay 2y ago> The majority of fintechs I can think of I imagine you live in the US.
- hn_throwaway_99 2y agoFair enough, yes. I know the payment situation is very different worldwide, especially in 2nd/3rd world countries (Brazil, India, Southeast Asia, Africa, etc.). But if you look at some of the top fintechs in both the US and Europe (e.g. Chime, Revolut, Brex, Robinhood, SoFi, etc.) all help extend Visa and MC's reach.
- marcosdumay 2y ago> especially in 2nd/3rd world countries I'd suggest you read around the threads here to see all the comments about the EU and Japan.
- tossandthrow 2y agoMany countries have alternative networks that does not rely on the card (metaphor). Stuff like Indias UPI etc. Keep in mind that payments are broader than cards.
- dublinben 2y agoBuy Now Pay Later is growing very quickly and taking market share from credit cards, especially for younger consumers. The introduction of FedNow is going to make it even more convenient to use these apps to make purchases and avoid the credit card infrastructure entirely.
- Dalewyn 2y ago>Buy Now Pay Later is growing very quickly and taking market share from credit cards, especially for younger consumers. One of our greatest failings as a society is our abject failure to teach people finances. It's as critical to our lives as breathing, eating, and crapping, yet the vast majority of people can't even count change let alone understand credit. Incidentally, anyone telling you BNPL is good for you is trying to milk you. Please just don't and stick to cash/debit or good old credit cards, for your friends' and family's sake if not yourself.
- anonym29 2y agoThis, like so many other issues, is an issue that a small but powerful contingent of moneyed interests (e.g. the debt industry, also known as the financial industry) works very hard and spends lots of money lobbying on, in order to ensure we're not solving the problem. This is not much different from Microsoft fighting open source, Apple fighting right to repair, or Google fighting the CCPA. As always: Cui Bono? Follow the money.
- kardos 2y agoBNPL is often free to the customer [1], to whom it amounts to a free loan. The merchant, however, is soaked for the interest/fees. So merchant prices will rise slightly, for everyone, to cover those costs..... much like credit cards do now. Cash and debit users subsidize this scheme without getting the free loan. The downside for the customer is that it promotes overspending, which could be argued as a net negative on the whole. A careful consumer could make use of the free loan, investing the cash elsewhere during the loan period. [1] https://www.bitsaboutmoney.com/archive/buy-now-pay-later/ https://www.bitsaboutmoney.com/archive/buy-now-pay-later/
- rcxdude 2y agoYes, much like credit card benefits and cashback, if you don't take advantage of it, you're effectively subsidising those who do. (In fact, if someone ypu buy from starts offering it and you disagree with it, you should switch to using it, since this will oncrease their fees on existing revenue and maybe make them consider it not worthwhile.)
- meiraleal 2y agoI can only talk about my country, Brazil. It took 2 years for the national payment system PIX to surpass both visa and mastercard and become the most used mean of payment