UK banks plot Visa/Mastercard Alternative

MattMattMattUK

https://forums.moneysavingexpert.com/discussion/comment/81888018#Comment_81888018

Cards in a physical sense are already dying as payments move to mobile, I have not used cash seven years now, nearly half of all people never or rarely use cash, of the remainder the cast majority use cards for a significant majority of their purchases. I only know one person who regularly uses cash, I only know a handful of people (All over 70) who even regularly use cards for payment, nearly everyone uses their phone.

Phone RFID payments are already in place, the QR code usage in China only exists because it was there before widespread RFID options so is a legacy of that.

TadleyBaggie

https://forums.moneysavingexpert.com/discussion/6655719/uk-banks-plan-to-set-up-visa-and-mastercard-alternative

Other thread on same subject

Ergates

The cards/qr-codes/whatever are just the interface - how you initiate the payment. It's the underlying payment systems that would need to be replaced/replicated.

It's also not just the payment networks (VISA/Mastercard) that would need to be replaced - there's the payment processors.

The largest of these are US companies too - FIS is the largest, (and has just bought TSYS). There are UK based alternatives, but they have nothing like the market share of the US companies. So the UK banks would need to make sure to switch to a UK based processor.

[Deleted User]

Doesn’t Barclaycard operate a payment system? I often see it when paying for things on websites.

HillStreetBlues

https://forums.moneysavingexpert.com/discussion/comment/81888093#Comment_81888093

"Nearly half of all people never use cash"
I can't believe that figure, I'll be very surprised if it's even over a quarter.

x44

Frankly I'm getting tired of the phone user in the queue trying to pay for something with it…..and it's not working and we have to wait while they sort it out. They have to go back and "do something" on the phone and try again and eventually it works.

It seems to be trouble everywhere: buses, place to buy things, museums, cafe's, petrol stations.

I use a smart phone for lots of things - just not payments: I'm a card only person!

born_again

https://forums.moneysavingexpert.com/discussion/6655721/uk-banks-plot-visa-mastercard-alternative

Biggest issue is that getting retailers worldwide to take this new payment method.

Also Visa/Mastercard, are split into different regions. So not sure that Trump could force then to turn off the rest of the worlds payments. Due to payments being processed all over the world.

Any new system would take years to set up & would be long after Trump is no longer in power.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81887879#Comment_81887879

The simplest way is to hit space or return immediately after pasting the text - this invokes the URL activation functionality and converts the text into a clickable link.

born_again

https://forums.moneysavingexpert.com/discussion/6655721/uk-banks-plot-visa-mastercard-alternative

steven141

https://forums.moneysavingexpert.com/discussion/comment/81888154#Comment_81888154

I am the same. I only use mobile pay in a rare event or if I'm buying off a website which is rare as I prefer to support the shops.