Justice Department accuses Visa of debit network monopoly that impacts price of 'nearly everything’paf0@lemmy.world to News@lemmy.world – 779 points – 1 months agocnbc.com113Post a CommentPreviewYou are viewing a single commentView all commentsShow the parent commentIf 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.
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.
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.
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.
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.