zaxvenz'March to independence': Christine Lagarde wants EU to ditch Visa, Mastercard for own platform
Avid AmoebaWould be spectacular if they make an alternative that does not rely on commercial banks so that having a for-profit bank account isn’t required to be able to pay for things electronically. Just like you don’t need that with cash. This is something central banks can provide to the citizens of their country. If commercial banks want people’s money, they better give an incentive. Currently they get it just so people can access the electronic payment systems.
But if course that’s unlikely because commercial banks won’t just let themselves be cut out of the sweet deal they got now.
There’s also credit unions.
Knowing your nationality, some Canadian provinces do have a public bank too, like ATB in Alberta.
Yeah, I’m using Meridian in Ontario. While credit unions in Ontario are regulated as nonprofits, I’d still say it’s probably better if Bank of Canada provided a public chequing account and payment processing since it’ll still lower the base cost of participating in the payment system for everyone.