On the same theme, this is what the EDP posted on their socials 🤣🤣
Making me cheer up for banks is going to be hard. Tell me some of them are public companies or cooperatives.
Well this is basically a cooperative of banks, does that count?
SIBS from Portugal has a total monopoly in the country as all banks are in it.
No, cooperatives of companies do not count as cooperatives of workers.
Some of those banks are cooperatives themselves. Anyway, the alternative is to continue totally dependent on US finance companies, so there’s that.
I’ll root for the cooperatives. I doubt there is a substantial difference in terms of ethics between regular US banks and regular EU banks.
Ethics is not the main concern here, but financial sovereignty. The ethics of US banks depends in big deal on whoever occupies the White House and their domination of digital payments can easily be used against us. So yeah, plenty to celebrate from getting our own digital payment alternative.
Banks have a long history of dealing with partners regardless of their ethics. They were one of the main brakes to implement sanctions against Russia. They are the main blockers to fight tax havens. To be frank, I’ll root for a US cooperative bank before I root for a EU for-profit one.
So yes, getting out of VISA/Mastercard is definitely needed, yay at that. But there is more to fix in the banking sector than dependency on the US.
Wake me up when this has features SEPA instant does not
It still seems to me like the things being solved so far aren’t the ones that needed to be solved
It makes those payments much simpler. You don’t want to give or get a full IBAN everytime you pay at a shop.
I just use a card at the shop. There’s no Wero alternative to this yet AFAIK. Nor are they ever planning a real replacement that would work without an American-approved phone that has battery and a signal.
This is why I see it as a half-assed thing. Visa and MasterCard get a percentage of all card trandactions using their cards, which is hundreds of millions of cards in the EU.
