Re:Mastercard and visa are the de facto regulators of porn
by bilekas on Tuesday June 28, 2022 @06:36PM
(#31913978)
Yes, payment processors should 'process' all legit payments. However..
Visa/Mastercard hire people to do risk analysis though, those people are rightly assessing that pr0n payments is a higher risk than the insurance premium is worth. Which is newsworthy itself, goes to how credit card fraud is overtaking the insurance market and maybe those 2 companies should invest in that area.. But that's gonna take too long.
There are a lot of reasons for that. On a 'credit' card this makes sense. They own/lend the outgoing funds, you just pay them back with some interest.
The debit cards are not, the debit card is your balance being debited. Instantly. With 0 interest. I'm not 100% sure about the insurance on that, but from experience the bank itself will be the point of contact to dispute a payment that is fraudulent. The bank may or may not pursue lost monies from the insurance or debtor etc. But VISA as a whole, just processed the transaction.
There used to be, in Ireland at least, a debit card issued by banks under the name "Laser" so it was your 'laser' card you paid with.. Only in recent years, I realised this was competition. So V & MC cornered the market, "Use at X amount of ATM's worldwide" etc.
I would love to say "there is a way out, once the payment processors process without influence from V/MC" but imagine, a payment processor not accepting one of those.. That's game over.
I do think companies like N26/Revolut and co have standing to create their own 'standard' after really generating an incredible userbase, would prefer maybe open source but financal companies are slow to adopt.
Imagine a payment gateway standard that wasn't restricted, open source/readable and had it's own userbase. I'm not a proponent of using crypto as currency but you can see why they got carried away. The problems to overcome are just... Well, bureaucratic.
Visa/Mastercard hire people to do risk analysis though, those people are rightly assessing that pr0n payments is a higher risk than the insurance premium is worth. Which is newsworthy itself, goes to how credit card fraud is overtaking the insurance market and maybe those 2 companies should invest in that area.. But that's gonna take too long.
There are a lot of reasons for that. On a 'credit' card this makes sense. They own/lend the outgoing funds, you just pay them back with some interest.
The debit cards are not, the debit card is your balance being debited. Instantly. With 0 interest. I'm not 100% sure about the insurance on that, but from experience the bank itself will be the point of contact to dispute a payment that is fraudulent. The bank may or may not pursue lost monies from the insurance or debtor etc. But VISA as a whole, just processed the transaction.
There used to be, in Ireland at least, a debit card issued by banks under the name "Laser" so it was your 'laser' card you paid with.. Only in recent years, I realised this was competition. So V & MC cornered the market, "Use at X amount of ATM's worldwide" etc.
I would love to say "there is a way out, once the payment processors process without influence from V/MC" but imagine, a payment processor not accepting one of those.. That's game over.
I do think companies like N26/Revolut and co have standing to create their own 'standard' after really generating an incredible userbase, would prefer maybe open source but financal companies are slow to adopt.
Imagine a payment gateway standard that wasn't restricted, open source/readable and had it's own userbase. I'm not a proponent of using crypto as currency but you can see why they got carried away. The problems to overcome are just... Well, bureaucratic.