There's a reason for this though, due to NZ's small population, western-like culture, and being technologically advanced makes it the perfect testing ground for new technologies.
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Replying to @icerfish
For sure–but that's also just an excuse. In NL/Canada the lack of competition means the banks just aren't even trying.
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there are about 40 banks in the netherlands, so there's definitely competition! in france there are >400, and they all do the same thing you mentioned (you either pay a fee, or you need to use your card at least once per month, or you need a minimum deposit per month)
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i think you're right that there's competition in NL *but* they're not really competing on the global stage at all, just iterating on Maestro etc. But holy shit....france.... o no
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the choice for maestro is weird & i think bunq (lol) is the only one really trying to break through internationally. and yes it's *not* fun banking here lol
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how do you even survive haha! fintech stuff???
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there's a longer story here that i'll save for another time, but in general i just use my dutch account + revolut... but now that i've officially moved it's about to get a lot more complicated
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So… I actually think Maestro+iDeal is a stroke of genius (low fraud, low cost) and every (European) country should do it.
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Nawh, might be a decent solution but it lacks the safety net you get with visa/mastercard. You get skimmed/hacked, your money is gone and you can't do much about it. iDEAL payment callback doesn't complete? Money disappears for three days at least. I could go on.
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Skimming is rare because of chip+pin. Hacking requires to bypass lots of 2FA. And I have never experience a failed iDeal transaction, but I guess those sometimes happen?
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Card insurance just drives up pricing and removes incentives from banks to secure the system
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