To the OP: sorry to hear what you are going through.
[1] See https://vitalik.ca/general/2021/01/05/rollup.html and https://vitalik.ca/general/2022/11/19/proof_of_solvency.html
I love credit cards because I can dispute transactions.
The power balance simply isn't always "seller who is selling a large quantity of easily-replaceable items that might be a dud can easily amortize the cost of fraud across all of their payments by high margins"... sometimes it really is "seller who is selling a small quantity of expensive or precious items tends to get scammed by anonymous buyers who abuse chargebacks ".
This. He's right you know.
The chargeback system is rife with extreme abuse, and the banks will always give in to friendly fraud without checking the contents of the dispute. Both the customer and the merchant lose to chargebacks and friendly fraud.
If users really wanted credit card functionality at the expense of its costs, you could build that as a layer on top, without forcing everybody in the system to use it.
And consider, most disputes is not just about the quality of a product. That is handled with regular refunds. Credit card disputes are a lot of times because of fraud or card skimming, which is very often because the system is not very secure to begin with. Secure cryptography can remove a lot of this type of fraud.
[1] https://help.venmo.com/hc/en-us/articles/235171088-Cancel-Pa....
about the OP’s thread: centralized services like PayPal, Venmo and Stripe can close your account. Nobody can close your private key, even if you are on a L2 for fast payments you can use the escape hatch to withdraw without possibility of censorship.
In India, most purchases go through UPI already which is p2p without a middleman.
It's tough time to be in payments and will only get worse as many custom integration with lending companies break down due to huge losses.
No payment gateway in India charges for UPI transaction too. So if similar payment system is incorporated in US, I won't expect stripe to be able to charge for it.
The only major functionality these payment gateway provide is checking if transaction went through.
They are wrappers on top of bank APIs such as federal bank.
Anyone can generate a QR code for their payment ID and request payment without needing a gateway but it's manual. Most street vendors confirm payments manually since it happens in person.
Additionally, we have other standardized framework for requesting account information from banks such as RBI account aggregator framework. So you don't need something like plaid to fetch bank statements from all your bank accounts.
Recurring payments are also setup on the bank end as a mandate.
Yes, you will end up using an off the shelf solution but you are not at the mercy of them if you accept UPI only.