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The 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 comp
by close04 8mo ago
The 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.
- direwolf20 8mo agoThen we could have an international standard to let the national networks work together, like for the phone network.
- graemep 8mo agoYes, common standards would solve the technical problem. There are also business and regulatory problems with regard to international transactions.
- direwolf20 8mo agoSame with phone networks. Since India got serious about blocking spam, it has some strict requirements to call into the country.