The advantage of Visa/Mastercard is that they work anywhere.
Europeans are rich and like to travel all over the world, so they want their cards to work everywhere too. Or order stuff online from abroad. Why bother using some local payment processor that barely works if you can just use your Visa card?
Independent payment systems only work in countries that are poor (where people don’t travel or buy stuff from abroad) and/or isolated by sanctions or internal restrictions.
the EU has the power to legislate that their version be offered in a non-discriminatory way anywhere cards with comparable fees are offered… similar to requirements to accept Euros etc
i could for sure see that having a “globally” requirement tacked onto it, arguing that if it’s implemented in Europe and is comparable or better for fees then it’s discriminatory rather than economic to not offer it elsewhere
that’s what i mean about the globally requirement. there are plenty of companies that operate globally, so they could probably mandate that it’s accepted by these companies anywhere they do business
probably couldn’t mandate it for companies that don’t operate in the EU, but if it makes good business sense then they wouldn’t need to. the original mandates IMO are just needed for critical mass
The advantage of Visa/Mastercard is that they work anywhere.
Europeans are rich and like to travel all over the world, so they want their cards to work everywhere too. Or order stuff online from abroad. Why bother using some local payment processor that barely works if you can just use your Visa card?
Independent payment systems only work in countries that are poor (where people don’t travel or buy stuff from abroad) and/or isolated by sanctions or internal restrictions.
Or just 100 km to cross the border and it’s already another country. Or if you live in a border town, it might be a short walk lol
the EU has the power to legislate that their version be offered in a non-discriminatory way anywhere cards with comparable fees are offered… similar to requirements to accept Euros etc
i could for sure see that having a “globally” requirement tacked onto it, arguing that if it’s implemented in Europe and is comparable or better for fees then it’s discriminatory rather than economic to not offer it elsewhere
Other countries need to implement it too
that’s what i mean about the globally requirement. there are plenty of companies that operate globally, so they could probably mandate that it’s accepted by these companies anywhere they do business
probably couldn’t mandate it for companies that don’t operate in the EU, but if it makes good business sense then they wouldn’t need to. the original mandates IMO are just needed for critical mass