[earnesti]

>> require ID, zero privacy, usually government sanctioned

> Unfortunately systems that don't have those requirements are going to be money laundering channels. I wish it wasn't such a big concern but it's unavoidable.

There same requirements also make the likelihood of these systems scaling beyong one jurisdiction very unlikely. Tourists don't want to set up a payment account for every country they visit. Or other way around, banks don't want to KYC and set up an account for every foreign tourist.

As Visa and MC work globally, I'm betting that the dominance from those will continue. Cryptocurrencies might have some change of becoming the "global" transaction method as well.

[freeone3000]

A state of mutual trust can be established, similar to driver’s licenses and passports: country A trusts you, they did all the legwork, we certify their endorsement, you’re fine. It won’t necessarily be possible between all pairs, but, SEPA and Interac should be theoretically interoperable; dozens of other friendly-country pairs can be thought of.

[alephnerd]

> As Visa and MC work globally, I'm betting that the dominance from those will continue.

China, India, Brazil, Russia, Japan, South Korea, and others are all trying to expand their own transaction networks.

While it's still piecemeal, a Chinese or Indian tourist in Thailand can use UnionPay or UPI to transact without using Visa/Mastercard, a Russian tourist in Vietnam can use Mir, a Brazilian in Argentina can use Pix instead of Visa/MC as well, and a Japanese visitor in Singapore can use JCB instead.

Even the ECB has recently started considering this option (though it might also be an attempt to force the Trump admin to negotiate).

The biggest thing blocking international payment competitors is FATF, which has some regulations biased in favor of Visa/Mastercard.

> Cryptocurrencies might have some change of becoming the "global" transaction method as well

I'm not sure. Most jurisdictions that aren't the US and EU heavily regulate cryptocurrencies, and at best allow state managed or regulated cryptocurrencies, which basically makes the whole point of crypto moot.

[notpushkin]

> a Russian tourist in Vietnam can use Mir

If you can find a place that actually accepts it! It’s certainly not as ubiquitous as the local Napas247 QR codes.

[senorrib]

You can absolutely not use Pix in Argentina. Maybe some street performer will, but most places barely accept cards, let alone pix. Cash is still king there.

[ninalanyon]

Vipps works in Denmark, Norway, Sweden, and Finland.

[DeathArrow]

> As Visa and MC work globally, I'm betting that the dominance from those will continue.

Until there will be a stable coin we can trust and which can be accepted by most businesses.