paf0@lemmy.world to News@lemmy.world · 3 months agoJustice Department accuses Visa of debit network monopoly that impacts price of 'nearly everything’www.cnbc.comexternal-linkmessage-square113fedilinkarrow-up1787arrow-down13
arrow-up1784arrow-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 months agomessage-square113fedilink
minus-squareknightly the Sneptaur@pawb.sociallinkfedilinkarrow-up1·3 months 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-23 months 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·edit-23 months 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 three months.
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 three months.