Mojo ♻️Europe’s $24T breakup with Visa & Mastercard has begun. ECB’s Lagarde warns almost all EU card/mobile payments still run on non‑European rails, sending spending data outside the EU. Now EPI + EuroPA are launching Wero, a pan‑EU wallet for 130M users to pay cross‑border without US networks. A huge shift for payment sovereignty—and data privacy.
SoapDog
Dmian 🇪🇺@soapdog @mojo @Coffee Yes, there are other cases around the world from different countries. The challenge in the EU is that you have 27 countries withe their own banking systems, with different levels of maturity, services and goals. And you need for all these banks to be connected and work in the same way, and reliably. Not as easy as it seems. But it will work in the end. The will is there. 😊
Allegro con Fuoco@largo @soapdog @mojo @Coffee How long did it take Visa and Mastercard to establish their global system? How much did they invest in infrastructure and maintenance? You’re talking about a couple companies that employed decades and a lot of money to position themselves, against more than a hundred banks in 27 countries that must agree on many levels to make way different systems work… so, lol! 😄
@dmian And do *you* know that or are you just happily sticking your neck out on the chopping board to defend banking corporations of all things?
https://en.wikipedia.org/wiki/Visa_Inc.
Banks signed up to the credit card payment scheme themselves. It wasn't a david vs goliath story of Visa against hundreds of banks, that you make it seem to be... so, lol
Petra van Cronenburg@NatureMC @soapdog @mojo @Coffee Yes, there’s SEPA. But this is a different service. And the thing is some banks already started with custom solutions, and some have nothing to offer. Now you need to make everybody agree, and work on a common solution. The will is there, but the technical hurdles are there too. And many particular commercial interests. It’s never easy to agree on standards, specially if many parties are involved.
@dmian You’re right, complex things like that take time. But I know people who are already using the system here in France, and in Germany – and technically, it works already in 3 countries. We just need more retailers to get on board.
But that’s what we thought about PayPal too, and now it has the status of a bank in the EU and works everywhere. Why shouldn’t the Europeans be able to manage that, too ...
@soapdog @mojo @Coffee
But that’s what we thought about PayPal too, and now it has the status of a bank in the EU and works everywhere. Why shouldn’t the Europeans be able to manage that, too ...
@soapdog @mojo @Coffee
@NatureMC @soapdog @mojo @Coffee Oh! Don’t get me wrong: we’ll arrive there. Here in Spain we have Bizum. It’s already integrated with MB Way (Portugal) and Bancomat (Italy). Polish Blik and Norwegian Vipps are joining and there’s an agreement to integrate with EPI’s Wero. And I guess more will join one or the other initiative. Bizum is already deploying retail payments. In the end, we’ll have a pan-European system. That’s the goal.
@dmian @mojo @Coffee you might find this interesting:
https://newslite.tv/brics-advances-with-its-own-pix-and-now-offers-an-application-for-payments/
Basically, Brasil is part of BRICS with other countries and now PIX is being used internationally, so even our model now extends and is useful beyond Brasil with other countries banking systems being able to implement it.
It can be done.
@soapdog @mojo @Coffee Of course it can be done! But it’s never easy. Like trying to have a single currency in Mercosul, for example. There are always conflicting interests, and the more parties, the more difficult it is. But I’m sure we’ll get there. So far, it seems there’s a shared vision and synergies. 😊