The solution is simple
: state owned alternative with zero fees.Even the most succdem brained person should understand this. Payment systems are so reliant on the network effect because nobody is going to use on a network that people don’t accept. Like, try traveling with a Discover card outside of the USA (China and Japan excepted).
I don’t know enough to say that payment networks like Visa and Mastercard are natural monopolies, but it seems like this is structurally something that’ll happen. Therefore, even the most succdem brained person would understand that payments need to be public infrastructure, not a duopoly of US-based megacorps.
: “Buh…buh….it’s a private business! Everyone knows that business is super perfect in every way! Corporate run ANARKY 4 LYFE!”Even in Europe the fees they can charge customers is capped at like 1/10th of US fees
Remember talk of postal banking during Bernie’s campaign?
Stop sanctions?
Stop fueling wars?
Stop meddling in others affairs?
Hit Visa up for a hit of non consequential juice…I mean cost of doing buisnees…er “fine” which will result in a half assed rate cut to vendors and rate hike to consumers in higher interest and fees…oh and less ‘rewards’ and call it a win.
Criminals and crooks usually find any large scale attention unwanted.
Nothing of consequence will happen because if the consequences were adequately severe then the business might falter or fail and we all know these finance titans are “too big to fail” and killing the economic parasite might kill the economic host.
