The market wants to take a cut per transaction, perpetually. At a high profit margin.
replyThis is one where not the market but a country/group of countries need to rollout their own public payments so fees are minimal to zero.
You mean, communism?
reply(/s but you never know especially these days)
Ideal was a result of free market banking though.
reply> The system was conceived by the Dutch banks ABN Amro, ING Bank, Postbank N.V. and Rabobank, to develop a single system for online payments that could be used by all banks.
Currently owned by EPI:
> The European Payments Initiative (EPI) is a unified digital payment service launched in 2020 and backed by sixteen founding European banks and payment service providers.
Before iDEAL we had a similar mess with different banks and even a telco pushing their own payment system. It was basically the Dutch webshop foundation (thuiswinkel.org, basically the webshop lobby) that said: f*ck it banks, clean up your mess! And so it happened.
replyThey even tried to extend it to other European countries in 2011: https://www.bnnvara.nl/kassa/artikelen/ideal-in-de-ban-van-m...
Ideal is great. The missing part of the free market is that the other part of it (consumers) expecting you to not be an asshole.
replyI mean you could have a single protocol and then various different providers still competing, like email, or how even for Visa or Mastercard there's a bunch of different banks that partner up.
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