"Traditional" finance has destroyed its traditions in favor of naive experiments in digital centralization. Payment vendors now ask questions ludicrously irrelevant to the function of sending payments. Every year their "money" degrades more into tools of political control.https://twitter.com/whiterosetees/status/1061434491292581888 …
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There's some decentralization on the PSP market. Although not much. These players are hungry, competition is in higher levels, and there's also the rise of White-label Payments Platforms. Lowering the MDR & innovating on architecture is not enough. KYC is being outsourced too.
And yet customer service is getting worse, increasingly burdening customers with ever more ridiculous questions and freezing and even taking the funds of increasing numbers without due process. More political control is translating to less control and utility for customers.
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In shocking turn of events, government 'help' makes the problem worse.
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In my country, merchants are using many PoS brands. It imposes higher costs, but give them a bit of freedom whenever they acquire some headache with one of the PoS brands (and too much headaches means possible churn).
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