USA Loses Payment System Leverage In Europe - 'Pay by Bank' Button Kills Visa/Mastercard, 72% Vanish

[SerendipityJane]

Interesting update on how quickly things can change when there is a good incentive

Can you give some details - I’m not clicking a random YouTube link.

Basically instead of paying by credit/ debit card the companies website talks to your banking app. This means the hold the USA have over almost all online transactions being Visa or mastercard is reducing. For me this works well for small transactions where I don't need the protection that comes from a credit card payment but I presume that things will catch up and provide some protection for large transactions done this way if they want it to work.

Do you mean direct banking where you just log into your bank account from the payment page and pay directly from there. That has been around for a while and once you are sure it's not a scam seems OK.

You have to use your widget or other log in devices to get into your account and then positively agree the payment, the site doesn't have direct access to your account and I guess if it wasn't actually you the usual scam protections would apply.