>FedNow

There is no recourse if something goes wrong with FedNow, right? Like you get scammed, and the scammer just keeps the money. Seems like a pretty big difference (in theory anyway) to PayPal. Although I'm apparently not the right guy to ask, since I really don't see the use case for PayPal vs. credit card.

What is the regulatory capture? Visa and master card have contract terms that ensure retail capture. That’s a private moat not regulation.

With wechat in china, pix in south america and wero in europe, I think it's quite the opposite. All continents want to see visa and mastercard dead so they can bring back those transaction fees in house and it will work as the phone is the low friction payment method now.

Wero in the EU is fantastic, albeit still very young. Once it's mature and deployed everywhere, I see no reason to use something else in my country.

In fact, in France, the CB system endured despite visa and mastercard for 4 decades, so we know how to do it already.