I have high hopes for the Digital Euro.
To have a digital payment medium that is issued by the central bank and can be exchanged without fees as a 1:1 digital equipment of cash would be amazing and go beyond just replacing American credit card providers.
What are the chances it will rely on Google’s Play integrity service?
I’m betting that anyone wirh unlocked bootloader or root access won’t be able to run this.
The EUDI Wallets have/had that as a requirement in their spec but it has been heavily criticized, no idea if it will persist though
If they do it like the Brazilian Pix, there’s a good chance it’ll be a success.
That’s something different, that’s what Wero is trying to achieve in Europe. But the Digital Euro goes well beyond what Pix does.
I’m not familiar with it, is it a private venture? If so it sounds like a different thing
Wero is private, it belongs to the EPI company. But they also have an agreement with the alliance of other payment solutions to make it all interoperable by 2027.
I just find it crazy that they cannot make this happen before 2029…
On the one hand, can’t wait for it, on the other, hope they don’t rush it and rather get it right
This is the most recent update report on the ECB’s ongoing work to establish a rulebook: https://www.ecb.europa.eu/euro/digital_euro/timeline/profuse/shared/pdf/ecb.derdgp251030_RDG_progress_report_October_25.en.pdf?d978acf24c059027f1372a4f42155ac9
Turns out it’s a pretty massive undertaking that could tank the economy if you get it wrong, so I can see how it might take a few more years
In the meantime it would also help if existing laws would finally be enforced. It is clear that transferring european payment data into the USA cannot be legal under GDPR. We know that all of those “privacy shield” regulations are dead under Trump. There are good reasons to suspect that Visa and Mastercard are abusing their duopoly as payment processor - and there are laws against monopoly abuses.
As an American, please do. If you start using other platforms, that will loosen Visa and MasterCard’s hold everywhere, and I unfortunately don’t see America doing shit about it ourselves, so if you start, we might also be able to.
They are planning to release were system to replace Visa and MasterCard.
If you change to different centralized payment systems, they will eventually devolve into oligopolies/monopoly as well. In order to make a final solution that works forever, you need a free/open protocol like GNU_Taler
It would be nice if the banks stopped to trying to kill the local payment providers for a start.
In Denmark we’ve had Dankort since 1983, which is free for the consumers to have and use, and it’s very cheap volume based pricing for merchants.
However in the past 10 years or so, the banks have been pushing businesses and customers to use VISA/Mastercard. These are not free. The consumers pay an annual fee, and the merchants pay very high transaction fees. Yet the payment providers and banks sell the lie that they are somehow cheaper, even if they’re not. A lot of small businesses trust their banks or the payment providers to give them a good deal.
By now, it’s basically necessary for consumers to have some kind of foreign card, because so many businesses have stopped accepting Dankort. Most banks don’t even offer a “clean” Dankort anymore. They only have dual cards, where the Dankort and VISA are on the same card, which removes the choice from the consumer, since the businesses will charge the VISA. Many businesses don’t even understand what cards they accept. I always ask if they accept Dankort if the sign isn’t visible, and they think they do, but they don’t.
The story is almost the same for the instant payment systems. The banks are the ones who fucked it up, while fighting for and clinging to control of the domestic market, by confusing the customers and businesses and pushing their own limited product.
It’s long overdue for the EU to decide on a union wide solution. They’re already on it, but it’s way too slow or hindered by the political desire for this to be a private market. It really shouldn’t be.
It’s the same story all over Europe. Portugal still has Multibanco, but as far as I know no one issues a exclusively Multibanco card anymore. My first bank cards were all just Multibanco.
MBway (out digital payments) works great, but I guess in 90% of cases it’s associated to a Visa card…
No strategic vision and always that difficulty to cross borders and make alliances with neighbors.
I’m really hopefully that Wero and the Europa alliance will change that.
Lets create a distributed fediverse alternative lol
It would get stuck in endless debate over whether John Deere should be allowed to sell things because someone from Israel bought a tractor once.
More banks and businesses should support Taler.
If Visa/Mastercard get replaced by another company’s centralized payment system, what prevent a large foreign corp from buying it, like they regularily do? Then we’re back to square one.
Please, make it available to Americans. I want to buy my hentai, and uphold the social contract with my fellow perverts.
A lot of countries have instant payments already. It is surprising there isn’t more push towards using this at least.
Paywalled, and archive.is doesn’t seem to work for this site
Taiwan let’s you use your metro card to buy stuff at 711. Seems reasonable to expand that out
There should be some sort of free and open source payment system with no central party in charge at all.
there is GNU Taler but nobody use it right now https://en.wikipedia.org/wiki/GNU_Taler
That’s because it’s only available in like one country, afawa.
My geography is rusty. Where is afawa?
North of afaik
This is the most American thing I have ever read.
It means as far as we’re aware.
We? How many of you are there?
Man I’ve heard afaik and afaict but never before have I heard anyone use afawa lol
How is that even possible if there’s no central party in charge‽
Because not many businesses/countries have signed up to it. We said “available” when we perhaps should have said “used” but you hopefully understand us better now.
Norway has BankAxept I believe. Fully homegrown, works just like visa.
Every country in Europe has its own payment system, that’s kind of the whole point
Fully dependent on Mastercard and Visa here in the Baltics for an example.
Italy has Bancomat, but still. We need a system that’s interoperable in the whole Europe.
You would be helping the world by doing this. Until the huge corporations start hurting, he will keep getting away with most of his shit.
