India built RuPay, China built UnionPay. There's no reason why Europe can't do the same.

psychoslave 3 hours ago | parent | next [-]

France still has CB https://en.wikipedia.org/wiki/CB_Bank_Card_Group

	▲	Beretta_Vexee 2 hours ago \| parent \| next [-]
		There are equivalents in several European countries. The problem is that these networks are national and not European, let alone global. National banking players did not want to give up their turf. The European Union had to twist their arms to get them to agree to SEPA transfers, instant transfers, etc. If banking players cannot agree, then regulation (or the threat of regulation) must be used.
	▲	clownpenis_fart 2 hours ago \| parent \| prev [-]
		[dead]

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close04 3 hours ago | parent | prev [-]

The most obvious difference being that unlike China or India, Europe (or the EU) is not a single country. This doesn't make things impossible but certainly complicates them.

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laksjhdlka 3 hours ago | parent | next [-]

Exactly, now that the internet is ubiquitous, none of the problems with replacing credit card companies like VISA are really technical. They are regulatory, they are political, they are social.

	▲	jimnotgym 2 hours ago \| parent \| next [-]
		And before Trump it wasn't worth the aggravation. It wasn't worth the pushback from the US government. Trump sure has moved the needle on that! We used to pay protection money to the US via this. Now we don't get the protection, so we don't need to pay.
	▲	close04 2 hours ago \| parent \| prev [-]
		> one of the problems with replacing credit card companies like VISA are really technical VISA and Mastercard never resolved major technical problems. It's nothing a bank wouldn't already be able to achieve internally from a technological complexity point of view. They didn't invent any of the technologies, they just navigated the political and regulatory hurdles, then leveraged their position for more. Your comment makes it look like the problems are "just" political or regulatory. These are more often then not the bigger ones.

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graemep 2 hours ago | parent | prev [-]

The sensible thing would be to do it by currency area - e.g. the Eurozone.

Technology and some systems could be shared.

	▲	direwolf20 2 hours ago \| parent [-]
		Then we could have an international standard to let the national networks work together, like for the phone network.