'March to independence': Christine Lagarde wants EU to ditch Visa, Mastercard for own platform

www.businesstoday.in 'March to independence': Christine Lagarde wants EU to ditch Visa, Mastercard for own platform

Speaking on The Pat Kenny Show, Lagarde underscored Europe’s dependence on foreign digital payment infrastructure. “Visa, MasterCard, PayPal and Alipay are all controlled by American or Chinese companies,” she noted, arguing, “We should make sure there is a European offer.”

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HEY GUYS! YOULL NEVER GUESS. Portugal already has such a platform! Even Romania has started using it!
- Everyone and their cousins have their own platform. That's the issue. No one wants to standardize on someone else's alternative so the incumbents reign supreme.
  
  Is a federation of different platforms not possible? Warning: I know absolutely nothing about this.
  
  It's technically possible, guaranteed.
  The problem is capitalism. Every company is too selfish, and every government too neoliberal, to build some at cost publicly-owned globally interoperable payment system.
  Even now, the buy EU movement is largely just replacing US-oligarchy-owned services with EU-oligarchy-owned services. It's better than funding the American nazi party, but it's not a long term solution.
  
  This is more going into the direction of feudalism than just capitalism. A million tiny realms and every one keen of keeping their population locked in and uninformed about the outside world. I think there's even a name for it: technofeudalism.
  
  It was bound to happen eventually.
  
  Maybe the @[email protected] is in a good place to enforce a cross-border payment system.
  
  Visa won't be able to make commercials like this anymore.
- The crux is having credit and being able to put blocks on it - say for renting cars.
  But I am all for a European alternative. Bring it
- Are you talking about MBway? I want to have the possibility to do it also we a card. Sometimes I don’t take my phone everywhere
  
  No. MBway is the Venmo equivalent, Multibanco is the Visa rival
  
  I’m really confused. I thought multibanco was just what we called the atm! Even went to my wallet to check my banco ctt card. Can ELI5 it to me?
  
  Well, it’s also the protocol! If your card has this symbol, it means it has that payment processor! Due to some weird language mixups it is both the atm and the protocol! Managed by SIBS, an interbank organisation
  
  Thanks, this is news to me!
  
  The commonly shared software by all ATMs in Portugal is very cool too though. Lots of additional features like charging your prepaid sim or even paying your taxes too.
  
  if it doesn't do card, it's not an alternative anyway
  
  I was wrong. It’s another thing

125 comments