3 ms·

Mildly amused that where the US is suing Visa for being a monopoly, it's the EU that's actually standing up a viable competitor for the problematic sector.

• linotype 2y ago
  They’re certainly going to try.
• zokier 2y ago
  US got Venmo(/paypal) though
  • varjag 2y ago
    Many if not most European countries also have their respective payment apps.
    • 4ggr0 2y ago
      one example of a small european country is Switzerland, where a big part of the population uses TWINT. I can instantly send money to my friends, split bills, pay parking tickets etc. Most big banks have their own TWINT apps, so that you don't even have to use it as a prepaid solution and it's instead directly linked to your bank account. no idea if that's also how venmo/cashapp works.
      • varjag 2y ago
        Yeah there's Vipps in Norway, Swish in Sweden and I imagine something similar anywhere else. The market demand is too enormous to not be fulfilled by 2024.
        • polotics 2y ago
          ...and BLIK in Poland, 19 banks, not bad... https://www.blik.com/en https://www.blik.com/en instead of building something brand new the EU should just pick these existing ones and get them to implement compatibility...
  • TimK65 2y ago
    But with Venmo, at least, the money doesn't land directly in your bank account. With the typical European solution (like Swish, which we have in Sweden), it does, and within seconds. Much smoother.
• immibis 2y ago
  All the "EU regulations prevent innovation" commentators suddenly in shambles.
• crote 2y ago
  The Visa/Mastercard duopoly also has a stranglehold on card payment in the EU, though. The big difference is that the EU primarily uses debit cards, which traditionally could not be used for online payment. Whereas the US could just use their credit cards for online payments (thus strengthening Visa's position), the EU banks were forced to develop their own online payment schemes. This made Visa irrelevant almost by accident.
  • diggan 2y ago
    > which traditionally could not be used for online payment. I'm not sure what country the context is, but I remember using my mothers debit card in Sweden somewhere between 2000-2010 for online things without problems, as I only had a Maestro card at that point which didn't allow online purchases.
    • crote 2y ago
      The Netherlands, so previously Maestro and currently V-Pay. Those cards don't have a credit card number nor a CVC. It lists my name, my IBAN number (which isn't in any way private), and card replacement number (I'm on card #9 currently, which is a bit weird because this is only the second or third card I've been issued). Are you sure you didn't use your mother's credit card instead? I also have one of these (embossed 16-digit card number, validity, CVC on the back) lying around, but those are the exception here rather than the rule. I literally only use it for things like online services in other countries. I believe with the country-wide switch from Maestro to V-Pay they should now also universally work for local in-store payments, but I don't think many people are actually using it like that - we're at 45 million yearly transactions for 18 million people.
      • diggan 2y ago
        > Are you sure you didn't use your mother's credit card instead? No, 100% sure it was a debit card, as that's the only thing she ever used, and same for me, never owned a credit card in my life, still only have debit cards. The debit cards my mom had and the ones I have now are identical to a credit card (including the 16 digit number, CVC and so on) except the fact that the money gets taken from the account directly instead of paying it at the end of the month (as I think credit cards do?).
• pjc50 2y ago
  The EU actually believes in free markets, while the US tends to allow a single corporation or pair to "win" a market and exploit everyone thereafter.