5 ms·

Given the country-specific regulatory red tape that comes with anything involving money, there's more of an excuse than normal to roll this out country-by-count

by IvyMike 13y ago

Given the country-specific regulatory red tape that comes with anything involving money, there's more of an excuse than normal to roll this out country-by-country.

revelation 13y ago
Google Wallet is how old now, three+ years? They didn't even bother adding any other way to pay than credit cards. Someone needs to tell them that there are countries where people simply don't use credit cards. They exist, but at cost, and the culture just isn't there. If they continue innovating in the payment space at this rate, they will maybe have a solution people here can actually use in 2020.
- lucb1e 13y ago
  Talking about credit cards, what's the difference between a credit card and just a bank account? At my bank you can get a credit card at an added cost, but it's not needed for anything in the Netherlands so I never looked into it.
  - deleted 13y ago
    [deleted]
  - maaku 13y ago
    Credit cards have nothing to do with bank accounts. Maybe you're thinking of debit cards?
    - lucb1e 13y ago
      Uh yes I guess. With a debit card (we just call them bank cards) you withdraw money from the bank account, but from what I've heard a credit card doesn't work entirely the same.
      - maaku 13y ago
        Credit cards are merely debt obligations, and therefore money printing machines. If I have a credit limit of $10k, there isn't actually a $10k account anywhere backing that limit. The bank pays the merchant, yes, but you can follow the trail of that money all the way up to the central bank which created it out of nothing for purpose of fulfilling debt obligations. The money is then destroyed when I pay the bank back at the end of the month. To the consumer they appear basically the same (“they both have the VISA logo right?”), but in understanding the mechanics of what is happening, they could not be more different.

5 ms·

Given the country-specific regulatory red tape that comes with anything involving money, there's more of an excuse than normal to roll this out country-by-count

by IvyMike 13y ago

Given the country-specific regulatory red tape that comes with anything involving money, there's more of an excuse than normal to roll this out country-by-country.

revelation 13y ago
Google Wallet is how old now, three+ years? They didn't even bother adding any other way to pay than credit cards. Someone needs to tell them that there are countries where people simply don't use credit cards. They exist, but at cost, and the culture just isn't there. If they continue innovating in the payment space at this rate, they will maybe have a solution people here can actually use in 2020.
- lucb1e 13y ago
  Talking about credit cards, what's the difference between a credit card and just a bank account? At my bank you can get a credit card at an added cost, but it's not needed for anything in the Netherlands so I never looked into it.
  - deleted 13y ago
    [deleted]
  - maaku 13y ago
    Credit cards have nothing to do with bank accounts. Maybe you're thinking of debit cards?
    - lucb1e 13y ago
      Uh yes I guess. With a debit card (we just call them bank cards) you withdraw money from the bank account, but from what I've heard a credit card doesn't work entirely the same.
      - maaku 13y ago
        Credit cards are merely debt obligations, and therefore money printing machines. If I have a credit limit of $10k, there isn't actually a $10k account anywhere backing that limit. The bank pays the merchant, yes, but you can follow the trail of that money all the way up to the central bank which created it out of nothing for purpose of fulfilling debt obligations. The money is then destroyed when I pay the bank back at the end of the month. To the consumer they appear basically the same (“they both have the VISA logo right?”), but in understanding the mechanics of what is happening, they could not be more different.