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The US already has a competing payment system for benefits (EBT cards), as do many other countries. Payments themselves are not a technical challenge, no matte
by nitwit005 5mo ago
The US already has a competing payment system for benefits (EBT cards), as do many other countries.
Payments themselves are not a technical challenge, no matter who's doing it. The fundamentals are trivial. You move numbers between accounts.
It's tackling fraud and dealing with disputes that's a challenge.
- hakfoo 5mo agoThe hardest part is network effects. Consider that the largest payment card network on Earth (China UnionPay, 7 billion cards) - decided it was easier just to bootstrap acceptance in the US by a partnership with Discover rather than connecting directly to merchants. If you want a new scheme to work, distribute something like social security and welfare cheques through it. That immediately forces broad acceptance.
- numpad0 5mo agoIsn't US EBT card on the same payment network as credit cards? That doesn't count as an independent system. The same set of "they" as Visa/Mastercard gets the fee.