Can the Visa-Mastercard duopoly be broken?

Re:Can the Visa-Mastercard duopoly be broken? by apexalpha on Thursday August 18, 2022 @02:55AM (#32506194)

I've never heard of any protection like this in the EU banking system. If you transfer money to a scammer it's simply gone.

It sucks for the 0,0001% of people who get scammed some time but is it really needed that the bank takes on this role?

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Re:Can the Visa-Mastercard duopoly be broken? by mellavora on Thursday August 18, 2022 @10:03AM (#32509740)

not sure where you get the 0.0001% figure.

The protections are part of the regulations.

A consumer can reverse a SEPA Direct Debit transaction at any time. This is called a chargeback. A chargeback is allowed up to 8 weeks after the date of the direct debit with a valid mandate and up to 13 months without a valid mandate. At most banks, the consumer does not have to give a reason for the reversal.

https://help.mollie.com/hc/en-us/articles/115000796469-How-d...

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Re:Can the Visa-Mastercard duopoly be broken? by Symbiote on Friday August 19, 2022 @08:17AM (#32520062)

Direct debits are the thing used to automatically pay your electricity bill every month. A different system with different rules to a one-off personal or business money transfer.

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Re:Can the Visa-Mastercard duopoly be broken? by synchrone on Thursday August 18, 2022 @04:47AM (#32506943)

If you initiate it - yes. If the seller charges by IBAN via SEPA - you get 8 weeks to chargeback, no questions asked

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Re:Can the Visa-Mastercard duopoly be broken? by ReptileMan on Friday August 19, 2022 @12:17AM (#32517511)

Aren't IBANs entry only. You can only debit the IBAN.

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