this post was submitted on 25 Sep 2024
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[–] Jacobo_Villa_Lobos@hexbear.net 23 points 1 month ago (2 children)

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.

[–] DragonBallZinn@hexbear.net 17 points 1 month ago

grill-broke: “Buh…buh….it’s a private business! Everyone knows that business is super perfect in every way! Corporate run ANARKY 4 LYFE!”

[–] FloridaBoi@hexbear.net 5 points 1 month ago

Even in Europe the fees they can charge customers is capped at like 1/10th of US fees