> What I'm asking and nobody wants to answer is what the benefits for users are.
I answered that it will lower prices, does that not count as a benefit to users?
Even if merchants pay the processing fees, those prices are inevitably passed onto their customers. With more competition among payment processors there will be pressure to lower processing fees.
All of this happens automatically. It’s the beauty of markets.
I’ll rephrase your own question in a different way that I think actually supports my point: Since there is no difference, as a product, between visa, Mastercard, and this new European alliance, then there is very little reason to not want more competition.
Payment processing is essentially a commodity in this sense. It’s all the same, with the differentiator being supply. If we increase the supply the price will go down. That’s it. It should honestly be stupid to not want a European alternative.
I answered that it will lower prices, does that not count as a benefit to users?
Even if merchants pay the processing fees, those prices are inevitably passed onto their customers. With more competition among payment processors there will be pressure to lower processing fees.
All of this happens automatically. It’s the beauty of markets.
I’ll rephrase your own question in a different way that I think actually supports my point: Since there is no difference, as a product, between visa, Mastercard, and this new European alliance, then there is very little reason to not want more competition.
Payment processing is essentially a commodity in this sense. It’s all the same, with the differentiator being supply. If we increase the supply the price will go down. That’s it. It should honestly be stupid to not want a European alternative.