this post was submitted on 08 Aug 2023
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Wait, people are paying for private transactions?
The whole society always has to pay for transactions as they require work. You either pay with increased prices, by using other services from the banks that cost something or by leeching off of other people paying for the transaction system. The idea of the digital euro could be to decrease this work by introducing a more efficient system.
The actual work behind a private banktransfer is fractions of cents, including power. Technically you're correct, but in the real world, if you paid the real cost of all your private banktransfers, you could probably cover a years worth with a few nickel (if that).
I truly don't see the benefit of this for countries that already have a good banking system. Every benefit mentioned for this system has been available for years or decades in the Netherlands, or has a functionally identical equivalent.
But I see lots of advantages for people who don't have access to a cheap, good and easy banking system.
You can use public transportation directly with any V-pay, maestro, visa or MasterCard debit- or credit card, or Apple or Google pay nowadays.
If you absolutely must have a chipkaart, you can get one from any ticket machine at a station. No Dutch bank account required.
But arenβt the current fees some nickel per transaction, e. g., if you pay with a credit card? Why are the fees so high currently? I do not think that the banks have such a high margin.
Credit cards are expensive, because their security measures can be circumvented by a moderately good photograph of one. You're paying for all the fraud getting compensated.
But a regular (first-party) bank transfer has no such overhead.