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Comment by ktosobcy | Hacker News Reader

EU forced MC/Visa to slash their intercharge fees to max 0.20%... that's why there is no "reward" program over here because we are not being ripped off constantly :)

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Gotta be honest, even 0.2% is ridiculous. It should simply be a flat rate. There's no reason a $1000 purchase should be more expensive than a $20 purchase.

As far as I know the card networks do insure the transaction in cases of fraud so the merchant is still paid. The same per swipe fee for $2 does not make sense for $2000.

I know in practice the merchant is left holding the bag with charge back fraud, but it is a devil's advocate point.

Hmm... I thought as much but then I learned that handling cash does incure non-zero cost (actually it's quite expensive and annoying to boot).

All in all after this change I saw adoption of card payments skyrocket and it's possible to pay virtually everywhere (even in the weirdes most rural places)

And with both Wero expading throughout Europe and the digital euro coming next year... my hopes are high.

Well, right now each member state already has its mobile payment scheme which they started colaboration under EMP and Spanish Bizum and Italian Bancomat already support trans-border transfers with more to come.

What's more, said Bizum is the driving force behind ENP to integrate all those payment systems: https://epicompany.eu/media-insights/european-network-for-pa....

Wero is... tiny.

Awesome! Rewards are basically transferring wealth from the poor to the rich.

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