Re:MasterCard to push up fees for UK purchases from EU due t...
by avianlyric on Tuesday January 26, 2021 @07:20AM
(#25914980)
There is only one other payment processor (at least for cards) and that’s Visa.
The margins are extreme, but so are the barriers to entry. To build a new card network you somehow need to convince a bunch of banks and merchants to support your card network. Good luck with that.
The EU even forced Mastercard to allow others to start a card network running over their infrastructure, after they bought EuroPay. But it’s so hard to get people to actually use a new card network, that no ones actually bothered to try.
The margins are extreme, but so are the barriers to entry. To build a new card network you somehow need to convince a bunch of banks and merchants to support your card network. Good luck with that.
The EU even forced Mastercard to allow others to start a card network running over their infrastructure, after they bought EuroPay. But it’s so hard to get people to actually use a new card network, that no ones actually bothered to try.