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'March to independence': Christine Lagarde wants EU to ditch Visa, Mastercard for own platform
(www.businesstoday.in)
this post was submitted on 05 Apr 2025
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Same in Germany with the girocard system. Key feature is that there's no real intermediary, it's a standard the banking sector came up with to easily authorise ordinary bank transfers. Online shopping was never an issue in Germany push come to shove you just wire them the money.
And I have no fucking idea why the EPI is launching a whole phone-based system instead/before standardising debit card infrastructure. That app offers literally nothing that I can't already do with my card and bank app on my phone short of a wallet and why the hell would I want that I already have a giro account. And why would I want to send money to a telephone number instead of an IBAN. What kind of stuff are those people on that they think that's a feature.
But at least the general structure of the EPI is similar to how girocard came about: A consortium of banks, public, cooperative, private, coming up with interoperability standards. Germany has like 1400 banks (and that's after a lot of mergers), most of them only serving a district or larger town and surrounding villages for those there was never an alternative to working with each other and the over-regional banks jumped on to not be left out.
Sometimes, all you need is some marketing. E.g. it's been possible to print out a QR code with your account info so you can receive transactions at a flea market for ages (in lieu of having your phone display it and people scanning from there), and ever since SEPA instant payment it's basically cash, as far as the seller is concerned.
My main takeaway from the comments on this post is that basically all of Europe solved this a long time ago at the domestic level, but that international interoperability is lacking.
That's the state of literally everything in Europe.
Hey now, we were able to standardize the curvature of cucumbers.
Maybe there was a more important need for it. ( อกยฐ อส อกยฐ)
Standardise*
European spelling is superior to US spelling!
No, not all of Europe solved this. The payment systems they made are for internet payments with instant confirmation. Many European nations are still on the Visa Debit or Debit Mastercard systems for card payments. https://en.wikipedia.org/wiki/Maestro_(debit_card)
https://www.docs.pay.sibs.com/payment-methods/
Ideal, bizum, bancontact, cartes bancaires, Mbway are all euro based. I wonder why they are not interoperable.
I get the phone based system. People remember their phone number and email address, they do not remember their bank account details. It's a lot easier to initiate the transfer in the moment if it's based on something the recipient can just tell you. QR codes are an acceptable workaround for a small vendor, but not really ideal for paying back the friend who paid for lunch.
Pretty much every country has something like that ready or in the works. Venmo is huge in the US, Vipps (which uses the aforementioned BankAxept in the backend) is emerging as the de-facto standard for small transfers in Norway.
It was a bigger deal in the US than elsewhere due to how hard it is to do bank transfers there, but the rest of the world is also very keen on the concept.
Is it? Now I'm curious. Care to elaborate?
Except for apps like PayPal, Venmo, Zelle and Google Wallet, all of which allow you to transfer money to an email address or phone number, there is no convenient electronic way to transfer money from individual to individual in the US. The only other real alternative is handing over cash or writing a check. You can technically do a wire transfer, but those are really designed for stuff like buying a house or something, and usually either cost money, take days to settle, or usually both.
I can't speak for every other country, but in Norway we've at least for a couple of decades taken for granted the ability to just initiate a transfer of money to someone else's bank account. You just enter the number and amount in your Internet Bank, and it gets transferred free of charge either overnight or instantly. It's how we've done everything my whole adult life.
In the US, the prevalent way to pay rent is still to either write out a physical check or enter the numbers from a check into some web interface which is then somehow able to suck money out of your account. Sometimes a bank will offer to mail the check on your behalf, but it's still very much a check.
I did not know that and I think it's wild that the largest economy in the world still operates on such prehistoric methods.
It's not in the incumbent oligopoly's interest to innovate.