It would be nice if the banks stopped to trying to kill the local payment providers for a start.
In Denmark we’ve had Dankort since 1983, which is free for the consumers to have and use, and it’s very cheap volume based pricing for merchants.
However in the past 10 years or so, the banks have been pushing businesses and customers to use VISA/Mastercard. These are not free. The consumers pay an annual fee, and the merchants pay very high transaction fees. Yet the payment providers and banks sell the lie that they are somehow cheaper, even if they’re not.
A lot of small businesses trust their banks or the payment providers to give them a good deal.
By now, it’s basically necessary for consumers to have some kind of foreign card, because so many businesses have stopped accepting Dankort. Most banks don’t even offer a “clean” Dankort anymore. They only have dual cards, where the Dankort and VISA are on the same card, which removes the choice from the consumer, since the businesses will charge the VISA. Many businesses don’t even understand what cards they accept. I always ask if they accept Dankort if the sign isn’t visible, and they think they do, but they don’t.
The story is almost the same for the instant payment systems. The banks are the ones who fucked it up, while fighting for and clinging to control of the domestic market, by confusing the customers and businesses and pushing their own limited product.
It’s long overdue for the EU to decide on a union wide solution. They’re already on it, but it’s way too slow or hindered by the political desire for this to be a private market. It really shouldn’t be.
It’s the same story all over Europe. Portugal still has Multibanco, but as far as I know no one issues a exclusively Multibanco card anymore. My first bank cards were all just Multibanco.
MBway (out digital payments) works great, but I guess in 90% of cases it’s associated to a Visa card…
No strategic vision and always that difficulty to cross borders and make alliances with neighbors.
I’m really hopefully that Wero and the Europa alliance will change that.
It would be nice if the banks stopped to trying to kill the local payment providers for a start.
In Denmark we’ve had Dankort since 1983, which is free for the consumers to have and use, and it’s very cheap volume based pricing for merchants.
However in the past 10 years or so, the banks have been pushing businesses and customers to use VISA/Mastercard. These are not free. The consumers pay an annual fee, and the merchants pay very high transaction fees. Yet the payment providers and banks sell the lie that they are somehow cheaper, even if they’re not. A lot of small businesses trust their banks or the payment providers to give them a good deal.
By now, it’s basically necessary for consumers to have some kind of foreign card, because so many businesses have stopped accepting Dankort. Most banks don’t even offer a “clean” Dankort anymore. They only have dual cards, where the Dankort and VISA are on the same card, which removes the choice from the consumer, since the businesses will charge the VISA. Many businesses don’t even understand what cards they accept. I always ask if they accept Dankort if the sign isn’t visible, and they think they do, but they don’t.
The story is almost the same for the instant payment systems. The banks are the ones who fucked it up, while fighting for and clinging to control of the domestic market, by confusing the customers and businesses and pushing their own limited product.
It’s long overdue for the EU to decide on a union wide solution. They’re already on it, but it’s way too slow or hindered by the political desire for this to be a private market. It really shouldn’t be.
It’s the same story all over Europe. Portugal still has Multibanco, but as far as I know no one issues a exclusively Multibanco card anymore. My first bank cards were all just Multibanco.
MBway (out digital payments) works great, but I guess in 90% of cases it’s associated to a Visa card…
No strategic vision and always that difficulty to cross borders and make alliances with neighbors.
I’m really hopefully that Wero and the Europa alliance will change that.