The CEOs of Visa, Mastercard, PayPal Holdings and Stripe received letters Thursday from Federal Trade Commission Chair Andrew Ferguson, who demanded they not discriminate against customers based on political or religious grounds.
The FTC threatened enforcement action if customers are denied services for those reasons.
Any act to “deplatform customers or deny them access to financial products or services” may violate the Federal Trade Commission Act and “could lead to an FTC investigation and potential enforcement action,” the agency said in a Thursday press release. The FTC didn’t cite any specific infractions by the companies.
The commission is typically made up of five members, but has just two at the moment. President Donald Trump last fired two of the Democrats who sat on the commission.
I really hope some non-US controlled credit card issuers and processors start to exist soon.
The entire US financial system seems like such a risk to participate in these days.
I know it is not a payment processor but I think this needs more attention to what it got. The biggest smart card manufacturer was French. If they died (the company still exists but is a shadow of what it was), you’d have to thanks the NSA for it.
The English Wikipedia is lacking but you’ll find more details here : https://fr.wikipedia.org/wiki/Gemplus
The USA is fighting dirty to keep its position overall and we are not responding at all.
Not globally. Right now and for foreseeable future only crypto supports world wide. There are initiatives for EU wide payment processing but it won’t work outside
It’s not for credit cards, but Wero is coming soon to Europe!
Not “coming soon” - it’s here. I made my first Wero payment this weekend.
Oh shit nice! I’m Dutch so for me nothing changed, didn’t know it was live
Carte Bleue should expand beyond France.