Exactly, now that the internet is ubiquitous, none of the problems with replacing credit card companies like VISA are really technical. They are regulatory, they are political, they are social.
Exactly, now that the internet is ubiquitous, none of the problems with replacing credit card companies like VISA are really technical. They are regulatory, they are political, they are social.
Surely the EU could pull off something similar to what India did with their instant payments program? That system seems to have garnered near-universal praise: https://en.wikipedia.org/wiki/Unified_Payments_Interface
And before Trump it wasn't worth the aggravation. It wasn't worth the pushback from the US government.
Trump sure has moved the needle on that! We used to pay protection money to the US via this. Now we don't get the protection, so we don't need to pay.
> one of the problems with replacing credit card companies like VISA are really technical
VISA and Mastercard never resolved major technical problems. It's nothing a bank wouldn't already be able to achieve internally from a technological complexity point of view. They didn't invent any of the technologies, they just navigated the political and regulatory hurdles, then leveraged their position for more.
Your comment makes it look like the problems are "just" political or regulatory. These are more often then not the bigger ones.