alt Hacker News> Credit card accounts for only around 25%
If this is true then what will this new "digital Euro" change about the reliance on US credit cards? It seems that the 25% of people that are swiping US credit cards are doing it for the convenience and benefits of using a credit card. Will this digital euro change that?
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European banks offer the credit, but the payments infrastructure currently goes through US companies. The first step is to get those payment processors out of the picture.
In Brazil, which is further along in the transition to digital cash, PIX already supersedes debit cards. Some banks already offer deferred PIX payments, wherein the merchant receives the money right away and the buyer pays their bank later, with interest. The central bank is also developing a "pix with guarantee", which will compete with credit cards: payment would be agreed to be settled at a later date, with the bank guaranteeing that the merchant will receive the money.
Debit cards usually also use the Mastercard or Visa payment networks.
Even though I and the supermarket I go to are both part of SEPA and I can issue a bank transfer that will clear ~instantly, today cashless payments still involve EMV for various reasons.
Debit cards are also mostly visa/mastercard.
Debit cards also use Visa and Mastercard
The headline is probably written for an American audience, or for brevity.
It should say "Digital euro clears key hurdle as EU seeks to break free from U.S. debit and credit card processors". Most debit cards in the EU are either Visa or Mastercard, although there used to be more local/national systems.