So what is the solution to this duopoly except for crypto?
I envision a third payment processor that isn't Visa or Mastercard and not even crypto.
It isn't Stripe or PayPal either, something completely different.
Thoughts?
back
7 comments
Bring back Lina Khan and her monopoly crushing super powers. We need another Teddy Roosevelt type character to be our trust-busting savior or these companies will continue running roughshod over us until they've privatized the air we breath and are charging us a subscription fee for it.
Maybe something like India's UPI? https://en.wikipedia.org/wiki/Unified_Payments_Interface
The solution is decoupling and disaggregation. The core payment infra or transaction processing is a utility and there can be more regulation or state intervention there. Credit or lending is an add-on product which shouldn't be tied to payment infra.
Unfortunately answering question with: "yes, crypto". (Sorry?!) the Bitcoin Lightning Network could be a very good backend base. You can even try it today (Using Cash app's built-in Lightning support to buy a meal at Steak 'n Shake.)
why not crypto? stablecoins could be a credible answer to this problem
Not with the new acts passed this last week. Only established players are in that space now (Also - this is going to get way worse now with fees devaluing the dollar that are now invisible to the average consumer).
Which acts are you referring to? Care to elaborate?
Look at the GENIUS Act https://www.congress.gov/bill/119th-congress/senate-bill/394...
are you arguing against regulation? with the new act, there is a clear definition of stablecoins and disclosure requirements that are better for consumers than the current "trust me bro" stablecoins like USDT
I hope Wero will spread rapidly in the EU. It is SEPA underneath.
They fumbled the launch badly. Every bank has to integrate it manually and they won't launch integration for merchants until next year.
Hmm, Carte Bleue ?
Edit: oh, that's Visa Europe now...