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This is about the 'Digital Euro', which seems to be both: - a central bank digital currency, and - a system for transferring this currency between people and
by rahimnathwani 10mo ago
This is about the 'Digital Euro', which seems to be both:
- a central bank digital currency, and
- a system for transferring this currency between people and businesses
https://www.ecb.europa.eu/euro/digital_euro/html/index.en.html https://www.ecb.europa.eu/euro/digital_euro/html/index.en.ht...
It's not clear to me that it replaces Visa/Mastercard. If you have a problem with a vendor and you've paid by card, you have a chargeback as a last resort. Not so with cash or a CBDC.
- mathverse 10mo agoEuropean cards typically cannot do chargeback.
- rahimnathwani 10mo agoDo you mean Europe-based issuers of Visa- and Mastercard-branded credit and debit cards do not have chargeback processes?
- jeroenhd 10mo agoCredit cards often have them, but subject to stricter terms than their American counterparts. I don't think I've seen a European debit card that offers charge back. You can often get your money back in case of fraud or timely-reported theft of your bank cards, but it's not easy.
- mathverse 10mo agoPoorly worded on my part. Europeans typically get debit cards and not credit cards anyway
- jeroenhd 10mo agoCredit cards often can, though European banks I've used don't do them as willy-nilly as American banks. With debit cards, charge backs are practically impossible unless payments were done in a very specific way that does not directly prove your authorization.
- victorbjorklund 10mo agoCredit cards do. At least in Sweden it is part of the law that you as a consumer has the right to chargeback.