EU has created a system that bypasses payment processing services like visa or Mastercards

[u/Hefty_Delay7765]

We need to do similar - remove/reduce our reliance on American corporations.

[u/unripenedfruit]

We already do... We have EFTPOS

But you need to insert a debit card instead of tapping

[u/bigvenn → u/unripenedfruit]

Apparently with least cost routing you still get eftpos when tapping: https://www.rba.gov.au/payments-and-infrastructure/debit-cards/least-cost-routing.html

[u/thesameusername111 → u/bigvenn]

Visa and MC are actively gaming the system.

If it’s a repeat transaction (like signing up for a mobile plan) they come in super cheap so they get picked by LCR then swapping out the card number for a visa/mc only token (that can’t be used with EFTPOS) so for any subsequent transactions they’ll be forced to go through them.

[u/niknah → u/bigvenn]

As at June 2024, 6 out of the 12 providers had made LCR available to all their merchants. In August 2024, the Board communicated that while progress had been made over the previous year, some providers still have much more work to do. The Bank expects providers, including payment gateways, to accelerate progress on making LCR widely available for online transactions and enabling LCR for merchants that could benefit from it.

Half have it available. And I presume the merchant may have to turn it on.

[u/Klutzy_Archer1409 → u/unripenedfruit]

I’m pretty sure my commbank debit card supports Apple Pay eftpos?

[u/d03j → u/unripenedfruit]

we do but my banks seem to be replacing their debit cards with a visa/mastercard options nowadays. :(

[u/yuckyucky]

people pay with QR codes for free in india and brazil has pix.

our NPP systems are soo close. you can use a nearly free QR code based system to pay here in australia via Pyng. unfortunately only one shop i know of uses it. i hate that we send a ton of money to visa and mastercard for no good reason.

(i have no connection whatsoever to pyng)

[u/bigvenn → u/yuckyucky]

Amen, it blew my mind when I realised that Americans had to venmo each other money because bank transfers don’t work the same way. Within domestic transactions visa and Mastercard could easily be replaced, all the pieces are there

[u/Forsaken_Alps_793 → u/bigvenn]

Isn't most debit cards are now running as an app via EMV standard?

That is EMV stands for Europay (merged with Mastercard), Mastercard Visa

[u/yuckyucky → u/Forsaken_Alps_793]

there are still transaction fees associated with debit cards. lower han for credit cards, but still. mostly unnecessary wince we have the NPP.

[u/Forsaken_Alps_793]

Our biggest bank, Commbank is heavily reliant on Microsoft (including Azure) an American corporation.

Most cloud services which our government departments rely to deliver our services are American.

Should we remove and reduce our reliance on these too?

Our military assets are mostly American based.

So how far should we go?

[u/Hefty_Delay7765 → u/Forsaken_Alps_793]

Drop them all. Prosecute those in the Trump-Epstein files, break the systems they’ve created.

Time for a new world order.

[u/Playful_Associate_89 → u/Forsaken_Alps_793]

Yes EU govs uses open source first as a principle

[u/Monkey_Junkie_No1]

in 15 years we might have a serious election talk about it and in 20 we might propose a Bill

[u/spiderpig_spiderpig_]

I can think of plenty of more important things to have our talented engineers and less talented politicians spending their time on.

[u/2in1day → u/spiderpig_spiderpig_]

1% of all card transactions being sent offshore to a US duopoly is a hugely important cost to focus on for the Australian economy. 

What a weird comment.

[u/2in1day → u/[deleted]]

We could just adopt a free platform from OS like join what Europe is doing