- cross-posted to:
- canada@lemmy.ca
- cross-posted to:
- canada@lemmy.ca
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Yes, and wall them off from US data collection.
Yes.
Yes, together with Europe. Make it interconnected but independent.
Tbh the EU should do it (much bigger customer base) and Canada should participate in the development and deployment of that system
The EU is under full frontal assault on many of its financial, consumer, commercial and technological protections and systems and is cracking and giving the pressure in many places unfortunately. Partner with the EU where you can, there are also interesting things happening in Brasil IIRC in this space.
They have started with the Wero. I so want Canada to join in that I have sent letters (emails) to the offices of the Big 5 and many different credit unions requesting it.
Not. Just. Canada.
Yes, everyone should
In 2025, American-owned Visa and Mastercard controlled 96 percent of Canada’s credit card market
many consumers pay with Apple-issued iPhones or use terminals run by American companies, such as Chase, Global Payments, Square, and Stripe.
A system that inconveniences a judge today could, in theory, be turned against a whole country tomorrow. The United Kingdom is reportedly exploring a national alternative to Visa and Mastercard over fears Trump could use United States–owned payment providers to freeze its economy. European officials have warned the continent is dangerously exposed to such coercion.
Canada had a taste of that vulnerability during the 2022 Rogers outage, which affected over 12 million subscribers (including Interac). It was estimated the economic cost to the broader Canadian economy was $142 million. Cloudflare’s global outage in 2025 only lasted about six hours but was estimated to cost Shopify over $4 million (US).
96% seems low, 4% of transactions use what amex? We do not have a credit card thing of our own unless you count over drafts on interact.
Amex and Discover and Diner’s Club and several store brands and …
use terminals run by American companies, such as Chase, Global Payments, Square, and Stripe
Many of the other issues could be somewhat under customer control (such as choosing interac or cash), but not this one.
That would take the businesses to work together to find a solution. And I don’t have high confidence in that happening.
Helcim is an alternative I just found.
How about running something directly on Interac? The big banks wouldn’t have too much to do other than allow their customers to move from the bank’s Visa/MasterCard to a new and equivalent Interac card, with the same bank.
It’s potentially a win-win for them because they don’t lose any customers, and get to stop paying the credit card companies (though I guess they have to start paying more into Interac)
Yeah like a second account that a credit account.
Nationalize all lending.
There is no reason for profit margin in any essential product or service.
Freedom of choice is a capitalist myth.
Yes, there is no reason not to, frankly the gov should facilitate it since it’s such a brain dead easy thing to copy and run.
Middle men services should just be run by the gov if they’re going to exist.
Yes, yes, yes. When I learnt about the Wero I sent emails to the offices of the presidents of the big five and many different credit unions requesting Canada look into it.
They need to get off of US tech. Be that through their own payment cards or joining the EU’s, it’s their choice.
Yes! Let’s make the cost of borrowing reasonable again. There should be some sort of law to restrict how much interest money an authorized institution should be able to receive. Interest only exists as a math calculation. Hell, tie it to your SIN, have the government deposit a million dollars for every baby born, then let prudent investment create an income for life.
There should be decentralized systems!
Can we please replace VISA, Mastercard, AMEX and Discover with Wero, Pix and JCB?
