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How would you pay for things online, many of which are not available in person? Or stores/airplanes/services that don't accept cash?





Debit cards? The other option is to use a Credit Card but pay off at the end of the month. Why is that so difficult? That’s literally like a Debit card except for the additional “buffer” of safety and security from your bank account.

Every debit card I've had has still involved a credit card company in some way - they've all had the visa logo on them.

That's true, I am not too familiar with the finance system, how come a debit card needs a middle man such as VISA? They help with the transaction between two banks?

The situation is that there is a network called Visa Debit that some banks use for their network for debit transactions. It may seem new, but it evidently dates back as far as 1982.

I'm in Canada. With one exception, no bank client card I have had (which were all usable for debit) had any Visa logo on it. That includes current ones.

The exception is one TD client card.

The situation is explained here:

https://en.wikipedia.org/wiki/Visa_Debit#Canada

TD is one of the banks that offer Visa Debit. This TD client card is also Interac-branded, so I'm guessing that the card will use the Interac network for domestic transactions, and in that case its Visa Debit personality does not come into play.

Those are not the only two networks for debit/ATM in Canada. There is also "The Exchange":

https://en.wikipedia.org/wiki/Accel_(interbank_network)#The_...

(used by a lot of smaller banks and credit unions).

The Canadian Credit Union Association also runs an ATM network called AccuLink.

It's important to know which network your card uses if you want "ding free" transactions. E.g a "The Exchange" card can be used at an "Interac" ATM, but there will be a fee.


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That doesn't make it any less of a duopoly. The whole point of the article is that visa/mc have too much power and there is a lot of systemic risk by having only two competitors in this industry in particular.

Even if they aren't extending credit they're still facilitating the transaction - it's not like the visa sticker is on there for marketing purposes


Not what we're talking about in the OP comment.

That's what I was talking about - even if they aren't charging fees, they're involved.

There's plenty of cases in technology where "but we don't do anything with your data!" is not a good enough excuse. Many of us still argue for decentralization or federation or user controlled data, etc. Similar concerns I have for visa.


I get the impression you don't think much of me. That's ok, but why did you feel the need to tell me?

alt_f4 is a troll. I don't think they understand what we're arguing about lol

your mum is a troll

I can't think of a bank that doesn't use a card that works as a credit card when it comes to online transactions.

They're still visa or MasterCards though...

> Visa does not issue cards, extend credit or set rates and fees for consumers; rather, Visa provides financial institutions with Visa-branded payment products that they then use to offer credit, debit, prepaid and cash-access programs to their customers.

Everyone in Europe uses debit cards. You don't have debit cards in the US?

It's a plastic card, it is issued by your bank, it's still using the visa/mastercard network, but instead of credit, it is tied to actual funds in your bank account.




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