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While we’re at it why not get rid of MasterCard and Visa? I don’t see why a duopoly due to network effects should be allowed. It would be nice to see legislati
by blackeyeblitzar 2y ago
While we’re at it why not get rid of MasterCard and Visa? I don’t see why a duopoly due to network effects should be allowed. It would be nice to see legislation everywhere that forces use of some open payment protocol that allows competition and choice. I personally don’t see the point of accommodating big changes in how credit cards work and not just going further to this logical step instead.
- fakedang 2y agoWell as I understand it, the best answer to that is a government controlled (and subsidized) entity like UPI in India, which was developed together by public banks, private banks, the govt, the reserve bank and Big Tech. For all the concerns about privacy, I'm not really concerned about my less than $2K transactions I carry out via UPI, and the cut that the companies take out of it (which right now is zero, but eventually will be charged).