It is one of these instances where « let the market decide » is not necessarily the best option on the long run.

The market wants to take a cut per transaction, perpetually. At a high profit margin.

This is one where not the market but a country/group of countries need to rollout their own public payments so fees are minimal to zero.

	▲	ezst 3 hours ago \| parent [-]
		You mean, communism? (/s but you never know especially these days)

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retired 3 hours ago | parent | prev | next [-]

Ideal was a result of free market banking though.

> The system was conceived by the Dutch banks ABN Amro, ING Bank, Postbank N.V. and Rabobank, to develop a single system for online payments that could be used by all banks.

Currently owned by EPI:

> The European Payments Initiative (EPI) is a unified digital payment service launched in 2020 and backed by sixteen founding European banks and payment service providers.

	▲	microtonal 2 hours ago \| parent \| next [-]
		Before iDEAL we had a similar mess with different banks and even a telco pushing their own payment system. It was basically the Dutch webshop foundation (thuiswinkel.org, basically the webshop lobby) that said: f*ck it banks, clean up your mess! And so it happened. They even tried to extend it to other European countries in 2011: https://www.bnnvara.nl/kassa/artikelen/ideal-in-de-ban-van-m...
	▲	Muromec 2 hours ago \| parent \| prev [-]
		Ideal is great. The missing part of the free market is that the other part of it (consumers) expecting you to not be an asshole.

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TulliusCicero 3 hours ago | parent | prev [-]

I mean you could have a single protocol and then various different providers still competing, like email, or how even for Visa or Mastercard there's a bunch of different banks that partner up.