685 karma · joined August 26, 2008
In Iran, they simply don't have much choice, so banks use the only network available to them. It just happens to have been built in this century, so it's not as archaic as Visa.
Here in the US, I guess only regulators could realistically create a new network and have enough power to convince banks to adopt it.
Nothing, of course, stops anyone from creating a new network. But the network effect is THE driving force here, it's not a minor factor.
There are plenty of great examples from this century all over the world.
Even Iran has a better payment infra than the US.
Whoever wants to have access to (A) will have it, but letting only few select corporations provide (C) will mean majority will be priced out of (C).
Are you a shill or something?