Re:Mastercard Should Stop Selling Our Data
by pasc1878 on Sunday October 15, 2023 @05:48PM
(#37893715)
Eurocard and Access got merged into MasterCard
So European cards worked but the owners ie banks wanted global ones.
Re:Mastercard Should Stop Selling Our Data
by fsckboy on Sunday October 15, 2023 @07:32PM
(#37894391)
Visa and Mastercard are umbrella organizations that at bottom work through banks; the card doesn't just say Visa or MC, it also has a bank on it, and the front part of the card number is a bank identifier. So, there's no reason that European banks can't also be part of the same network, and presumably they are.
European banks definitely issue Visa and Mastercard cards (and in many countries, there isn't even any local alternative for card payments).
But given the network effect, Visa and Mastercard have a lot of power over both issuing and acquiring banks. Issuers have at least a choice out of these two; acquirers just have to accept whatever their customer puts on the counter at payment time (or lose ~50% of their card-paying customers).
In other words, participation is (relatively) easy; getting some amount of control, let alone autonomy, is almost impossible – again due to the network effect.
https://en.wikipedia.org/wiki/Access_(credit_card)
They spent all that money on advertising, I still remember it, but for what?
This and Harding and Hobbs