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This is sort of like walking into a building with several billion computers wired together with ethernet cables, token rings, and fiber, and asking "Why do we n
by jordanpg 12y ago
This is sort of like walking into a building with several billion computers wired together with ethernet cables, token rings, and fiber, and asking "Why do we need all this cabling anymore? Let's just skip the middleman and replace it all with wireless."
VISA and MC make it their business to make sure they are an absolute essential part of the transaction, if not in principle, in practice.
- yalogin 12y agoExactly. I cannot be the first person to ask that question. Hence trying to understand what the reasons behind it are. What exactly makes Visa and MC so essential. What do they offer that someone with big pockets (or a consortium) cannot upend?
- samfisher83 12y agoMC and Visa were originally setup by the banks. The only people powerful enough to create another system like this is the banks.
- staunch 12y agoBankers and programmers.
- j-shoe 12y agoVisa and MC (as well as AMEX, JCB and Discover) provide the issuing of cards and recording of all the cards for use. I would consider them a form of governing body similar to ICANN of internet (maybe bad example as not everyone likes ICANN)
- drivingmenuts 12y agoNot everyone likes Visa or MC either and I'd be willing to bet they're are much better known and thus much more hated.
- Mimu 12y agoI almost pay everything by credit card (visa). If it disappear, I imagine you'll replace it with something else, what would be the differences between the new thing and VISA? In 10 years?