paf0@lemmy.world to News@lemmy.world · 3 days agoJustice Department accuses Visa of debit network monopoly that impacts price of 'nearly everything’www.cnbc.comexternal-linkmessage-square114fedilinkarrow-up1778arrow-down12
arrow-up1776arrow-down1external-linkJustice Department accuses Visa of debit network monopoly that impacts price of 'nearly everything’www.cnbc.compaf0@lemmy.world to News@lemmy.world · 3 days agomessage-square114fedilink
minus-squareknightly the Sneptaur@pawb.sociallinkfedilinkarrow-up1·1 day agoIf you’re aware of what a back-of-card network is then you should understand how transformative a state-backed zero-fee interchange would be.
minus-squareNateNate60@lemmy.worldlinkfedilinkarrow-up1·edit-21 day agoThat’s essentially what FedNow wants to be, except the goal is to replace the debit card network. Trying to start a new debit card network is a chicken-and-egg problem.
minus-squareknightly the Sneptaur@pawb.sociallinkfedilinkarrow-up1·1 day agoNot when you’re a government. Mandate that payment processors have to support the state debit network and you’ll be on half the terminals in the country in under a year.
If you’re aware of what a back-of-card network is then you should understand how transformative a state-backed zero-fee interchange would be.
That’s essentially what FedNow wants to be, except the goal is to replace the debit card network.
Trying to start a new debit card network is a chicken-and-egg problem.
Not when you’re a government.
Mandate that payment processors have to support the state debit network and you’ll be on half the terminals in the country in under a year.