The chip payment standard used on modern cards and terminals falls under a specification called “EMV”, which was name after the three companies that made the standard - Europay, MasterCard and Visa.
Europay merged with MasterCard in 2002.
Source: used to write software to validate and test EMV.
Also the US payment systems and the European payment systems are identical (same standard) but implemented badly in the US, that’s why it’s much faster in Europe. I have several war stories about all this.
Canada seriously needs this too. While we do have Interac for debit I much prefer the safety of a credit card after several relatives have had their cards skimmed etc
Hell, if they started with a “Canada only” card I’d be 100% ok with that as my primary
The advantage of Visa/Mastercard is that they work anywhere.
Europeans are rich and like to travel all over the world, so they want their cards to work everywhere too. Or order stuff online from abroad. Why bother using some local payment processor that barely works if you can just use your Visa card?
Independent payment systems only work in countries that are poor (where people don’t travel or buy stuff from abroad) and/or isolated by sanctions or internal restrictions.
the EU has the power to legislate that their version be offered in a non-discriminatory way anywhere cards with comparable fees are offered… similar to requirements to accept Euros etc
i could for sure see that having a “globally” requirement tacked onto it, arguing that if it’s implemented in Europe and is comparable or better for fees then it’s discriminatory rather than economic to not offer it elsewhere
How the fuck does Europe not have it’s own payment system yet?
For one, visa and all the other US payment systems, suuuuuck. I never understood why nobody came up with something better, this just seems lazyness.
Buy hey, better late than never
The actual answer: they did.
The chip payment standard used on modern cards and terminals falls under a specification called “EMV”, which was name after the three companies that made the standard - Europay, MasterCard and Visa.
Europay merged with MasterCard in 2002.
Source: used to write software to validate and test EMV.
Also the US payment systems and the European payment systems are identical (same standard) but implemented badly in the US, that’s why it’s much faster in Europe. I have several war stories about all this.
Canada seriously needs this too. While we do have Interac for debit I much prefer the safety of a credit card after several relatives have had their cards skimmed etc
Hell, if they started with a “Canada only” card I’d be 100% ok with that as my primary
The advantage of Visa/Mastercard is that they work anywhere.
Europeans are rich and like to travel all over the world, so they want their cards to work everywhere too. Or order stuff online from abroad. Why bother using some local payment processor that barely works if you can just use your Visa card?
Independent payment systems only work in countries that are poor (where people don’t travel or buy stuff from abroad) and/or isolated by sanctions or internal restrictions.
the EU has the power to legislate that their version be offered in a non-discriminatory way anywhere cards with comparable fees are offered… similar to requirements to accept Euros etc
i could for sure see that having a “globally” requirement tacked onto it, arguing that if it’s implemented in Europe and is comparable or better for fees then it’s discriminatory rather than economic to not offer it elsewhere
Other countries need to implement it too