Bye bye Visa, Mastercard, Paypal, and many others. They can go and play “America First”. We’ll have our own independent system by november 2025.

4 points
*

A belated clarification:

It does not appear that there are plans for a European Credit Card.

However, …

  • There is the semi-private online payment system called WERO, meant as a competitor to Paypal
  • There are plans for a Digital Euro (D€) system by the ECB
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16 points

What’s digital euro? Some kind of crypto?

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15 points
*

No, it is a centralized digital payment system run by the ECB.

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4 points

Crypto coins are a digital currency just like the digital euro is, but there is a big difference in how they are managed. I don’t know enough to explain the difference in details but a Central Bank Digital Currency (CBDC) doesn’t necessarily have a Blockchain behind it and the coins aren’t mined like the bitcoins are for example. The big win is you will no longer need a 3rd party for moving the money. If you now move money on your account to my account our banks need another company (likely either visa or MasterCard) to ‘verify’ that the money actually moves from a to b or something like that. There was a post with a link posted just 2 hours ago on Lemmy here: https://lemm.ee/post/60966980

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6 points

If I remember it correctly the big banks lobbied enough that you still need them for an account and moving meaningful amounts of money

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29 points

It’s super confusing when anyone tries to explain it, but it’s actually simple. You get a free as in paid for by the taxpayer bank account from the central bank and you will be able to use that card as freely as cash. No card processing fees, no account fees no nothing.

That said I’d be extermely sceptical about any plans since it would kill commercial banking in our current sense.

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5 points

Yeah I think they want the front end experience to be as much like what we have now, but the inner workings of the digital euro (or any CBDC) is very different compared to what we have now.

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14 points

You know many countires have implemented something as simple as that. Singapore has PayNow, India has UPI, Thailand has prompt pay. And they’ve had it for about half a decade or more. West (EU, US, UK are catching up). Commercial banking is still alive in these Asian countires. And it’s not so hard for banks to adapt.

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6 points

It won’t kill commercial banks because there’ll be limitations. Biggest is you won’t be able to take a loan from the central bank, which is the largest slice of the pie for any bank making money. They can also put other limitations, such as no non-EU transactions, or having a max limit per month.

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3 points

Yeah, but if everyone keeps their money on their dEuro account, what do banks loan out money from? Also most people don’t need anything other than basic SWIFT transfers in their lives.

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13 points

Yeah, but instead of by mining (BTC, ETH, etc) or breng issued by a private company (USDC, USDT, every scam coin), it would be the ECB issuing the tokens. Not too different as to how they’re currently ‘printing’ money by digitally conjuring it up on a computer. Challenging the transaction fees by Visa / MasterCard is big tho.

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44 points

Any actual link?

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39 points

https://www.ecb.europa.eu/euro/digital_euro/html/index.en.html

didn’t see anything about a card by the end of 2025.

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21 points

Link to the Presentation itself. Says “Next phase: From November 2025: Potentially developing and rolling out digital euro use cases”

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3 points

Nice

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4 points

if we can keep using cash mostly anywhere, this is good news

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-1 points

No one needs cash.

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0 points

oh yes we do. fuck digital payments with its privacy nightmare. fuck visa and mastercard for selling our purchase information, and who knows what avenues will this system have for tracking.

also, who the fuck wants to carry a phone all the time. I don’t want to have to carry it even if just going to the shop on the corner.

cash is best. nobody but the cashier can deny a transaction with it.

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1 point

Cash is a piece of shit. And you don’t have to carry a phone, you can pay with your watch or a ring. And even a phone is much better than carrying cash.

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