Post by @ozoned@btfree.social

Yet more amazingness from the EU:

europeanbusinessmagazine.com...

Let me be very clear, I don't think this will solve all the problems, I do think it'll create new problems. But working to actively take back control, to break up with companies that have abused their position for decades, is a good thing in my opinion.

THIS is progress. And from progress comes innovation.

European Business Magazine

Europe’s $24 Trillion Breakup With Visa and Mastercard Has Begun

A 130-million-user payment system backed by 16 major banks just launched to challenge Visa/mastercard

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Boiling Steam

@boilingsteam@mastodon.cloud 6 mo. ago

@ozoned

> Wero lets users send money using just a phone number — no IBAN, no card, no intermediary.

LOL what a shit concept

ozoned

@ozoned 6 mo. ago

@boilingsteam@mastodon.cloud any attempts are better than the current situation imo. I too don't like the idea of my currency tied to my phone number, but honestly I've had my number for 30 years now. I know there are lots of people that don't have a phone, but hopefully once they start prying the claws out of these massive payment processors that have no responsibility to anyone but the fat cats at the top.

Martin

@martin@social.mdosch.de 6 mo. ago

@boilingsteam@mastodon.cloud

@ozoned@btfree.social
Why? I really hope my bank will support it soon as I don't want to use shitty #PayPal.

Boiling Steam

@boilingsteam@mastodon.cloud 6 mo. ago

@ozoned @martin
Because phone numbers suck for IDs. They are already used everywhere and this will amplify total surveillance.

And wait, the EU wants to break away from an American duopoly by asking you to use another (Android and Apple). Sounds like a perfectly stupid plan

jenot

@jenot@mb.jenot.info 6 mo. ago

@boilingsteam @ozoned @martin In Poland, we have BLIK since 2015. Similiar principles, no visa/mastercard required. From wikipedia:
"Transactions are uniquely identified by 6-digit one-time codes, each time valid for up to 2 minutes, which the user obtains using their mobile banking app. The code can then be typed in online, entered on the ATM screen, or on compatible contactless payment terminals. The payment requires final authentification of the vendor and transaction amount in the app and is instantaneous.

Blik allows instant transfers between users by binding phone numbers to bank accounts.[16] These transfers are similarly free and instantaneous, even between accounts from different banks. Some online shopping platforms, like Allegro, are able to connect a customer account to a Blik-compatible app instance allowing for payment confirmation with just a notification prompt and pin code or biometric login."
https://en.wikipedia.org/wiki/Blik

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