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India built RuPay, China built UnionPay. There's no reason why Europe can't do the same.
by unmole 8mo ago
India built RuPay, China built UnionPay. There's no reason why Europe can't do the same.
- psychoslave 8mo agoFrance still has CB https://en.wikipedia.org/wiki/CB_Bank_Card_Group https://en.wikipedia.org/wiki/CB_Bank_Card_Group
- Beretta_Vexee 8mo agoThere are equivalents in several European countries. The problem is that these networks are national and not European, let alone global. National banking players did not want to give up their turf. The European Union had to twist their arms to get them to agree to SEPA transfers, instant transfers, etc. If banking players cannot agree, then regulation (or the threat of regulation) must be used.
- psychoslave 8mo agoWell, yes, but it happens that European directives do happen and are actually followed or enforced. Without laws there would be no bank in the first place, neither at national or paneuropean level.
- clownpenis_fart 8mo agoCB actually have higher security standards than visa. I once worked at a company doing payment card personalization (its the company who turn blank smart cards into finalized cards on behalf of banks. They print the customers names, emboss the account number, and program the chip and the magstrip) Every year they had comprehensive security audits from Visa, Mastercard and Groupe Carte Bleue. One guy there told me that they did the Groupe Carte Bleue audit first, because its the toughest. If they passed it they were sure to pass the others.
- close04 8mo agoThe most obvious difference being that unlike China or India, Europe (or the EU) is not a single country. This doesn't make things impossible but certainly complicates them.
- laksjhdlka 8mo agoExactly, now that the internet is ubiquitous, none of the problems with replacing credit card companies like VISA are really technical. They are regulatory, they are political, they are social.
- jimnotgym 8mo agoAnd before Trump it wasn't worth the aggravation. It wasn't worth the pushback from the US government. Trump sure has moved the needle on that! We used to pay protection money to the US via this. Now we don't get the protection, so we don't need to pay.
- close04 8mo ago> one of the problems with replacing credit card companies like VISA are really technical VISA and Mastercard never resolved major technical problems. It's nothing a bank wouldn't already be able to achieve internally from a technological complexity point of view. They didn't invent any of the technologies, they just navigated the political and regulatory hurdles, then leveraged their position for more. Your comment makes it look like the problems are "just" political or regulatory. These are more often then not the bigger ones.
- TulliusCicero 8mo agoSurely the EU could pull off something similar to what India did with their instant payments program? That system seems to have garnered near-universal praise: https://en.wikipedia.org/wiki/Unified_Payments_Interface https://en.wikipedia.org/wiki/Unified_Payments_Interface
- graemep 8mo agoThe sensible thing would be to do it by currency area - e.g. the Eurozone. Technology and some systems could be shared.
- scotty79 8mo agoEuropean countries each have their system. But they do not interoperate. You can't pay with blik in Germany, you can't pay with German debit card in Poland.
- rudolftheone 8mo agoAs jacekm mentioned already (https://news.ycombinator.com/item?id=46963497 https://news.ycombinator.com/item?id=46963497), Blik has just made a significant step toward interoperability just week ago, see https://www.blik.com/przelewy-na-telefon-w-euro-z-hiszpanii-do-polski-blik-testuje-interoperacyjnosc-z-kolejnymi-europejskimi-systemami-platnosci https://www.blik.com/przelewy-na-telefon-w-euro-z-hiszpanii-...