I’d be more than happy to use a secure, fraud-safe payment system that does not give me airline miles if it meant everything was cheaper to begin with. Part of the problem with CC companies is they do many things that are tightly coupled and are positioned well to profit on them.

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nickff 2 hours ago | parent [-]

The problem is the ‘fraud safety’. Your ‘safety’ is likely to be some else’s inconvenience (or vice-versa), and credit cards are all about ease-of-use. Fraud-related costs are also one of, if not the largest single contributor(s) to payment processing fees.

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dozerly an hour ago | parent | next [-]

Seems like payment processing would do well to be a public good instead of a for-profit venture to me.

	▲	nickff an hour ago \| parent \| next [-]
		Every level of my government has been defrauded of a significant amount of money (relative to their budget,) in the last five years; I do not support their losing more of my money to fraud.
	▲	carlosjobim 42 minutes ago \| parent \| prev \| next [-]
		Certainly, once you have a world government. Are you sure that a world government will be aligned with your interests in other areas than payment processing?
	▲	SpicyLemonZest an hour ago \| parent \| prev [-]
		FedNOW is open for public use and supported by a number of major banks, so it’s not clear what the additional thing you’re proposing here is.

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mitxela 7 minutes ago | parent | prev [-]

Other countries solved this by doing payments in ways that fraudsters can't simulate, such as a cryptographic handshake with a chip on the card.