4 ms·
It is one of these instances where « let the market decide » is not necessarily the best option on the long run.
by thibaut_barrere 2mo ago
It is one of these instances where « let the market decide » is not necessarily the best option on the long run.
- fsuts 2mo agoThe market wants to take a cut per transaction, perpetually. At a high profit margin. This is one where not the market but a country/group of countries need to rollout their own public payments so fees are minimal to zero.
- ezst 2mo agoYou mean, communism? (/s but you never know especially these days)
- retired 2mo agoIdeal was a result of free market banking though. > The system was conceived by the Dutch banks ABN Amro, ING Bank, Postbank N.V. and Rabobank, to develop a single system for online payments that could be used by all banks. Currently owned by EPI: > The European Payments Initiative (EPI) is a unified digital payment service launched in 2020 and backed by sixteen founding European banks and payment service providers.
- microtonal 2mo agoBefore iDEAL we had a similar mess with different banks and even a telco pushing their own payment system. It was basically the Dutch webshop foundation (thuiswinkel.org, basically the webshop lobby) that said: f*ck it banks, clean up your mess! And so it happened. They even tried to extend it to other European countries in 2011: https://www.bnnvara.nl/kassa/artikelen/ideal-in-de-ban-van-mobiel-en-buitenland https://www.bnnvara.nl/kassa/artikelen/ideal-in-de-ban-van-m...
- Muromec 2mo agoIdeal is great. The missing part of the free market is that the other part of it (consumers) expecting you to not be an asshole.
- TulliusCicero 2mo agoI mean you could have a single protocol and then various different providers still competing, like email, or how even for Visa or Mastercard there's a bunch of different banks that partner up.