‹ BackHN Continuity

Thread

European payments groups join forces to challenge US dominance

63 points · 92 comments · vrganj

  1. carlosjobim · · focus · HN ↗
    And the benefits for users would be?
    1. vrganj · · focus · HN ↗
      Being able to pay across Europe with the systems they already have instead of only being able to use them in their own country.
      1. carlosjobim · · focus · HN ↗
        You can already do that with Visa and Mastercard and IBAN.
        1. iso1631 · · focus · HN ↗
          American companies at the behest of American leadership which has turned is back on free trade and has weaponised trade against its allies.

          Removing reliance on American tooling is an essential security matter, it's going to take some time to unpick 80 years of interdependence though.

          1. maratc · · focus · HN ↗
            You can't convince millions of users to switch from one payment method to another by the "weaponised" and "reliance" and "essential security" arguments. These arguments might work on me but not on my parents nor my children (who do not care much about these but do care about having a universally accepted payment method which is easy and safe to use.)

            The question here is "what is the benefit to individual users," not "what is the benefit to the users community as a whole."

            1. hdgvhicv · · focus · HN ↗
              Yet pretty much every country uses non visa/mastercard as a first line payment and they are insanely popular.
              1. maratc · · focus · HN ↗
                …within that specific country.

                I know that JCB exists in Japan and Mir exists in Russia, but never saw them accepted anywhere except these countries respectively.

                1. vrganj · · focus · HN ↗
                  That is precisely what this submission is about. They're making these local systems within Europe interoperable.
                2. iso1631 · · focus · HN ↗
                  I saw a massive advert this week in Singapore for UPI, "pay like you do in India". Systems like Alipay are accepted very widely too.
Open on Hacker News to reply ↗

Unofficial Hacker News client; not affiliated with Y Combinator.