Replacing Visa and MC with a local alternative could hurt us majorly. And we all know it's not those on top who'll pay the price, but the rest of us. I've been so nervous about this since the news first came out.
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No, not yet at least.
There are a lot of EU local solutions, but for one reason or another they fail in scale or adaptation. Visa and Mastercard European team have for now being on the winning side.
V and MC try to say that they are not US companies, but global companies, however the true is that if an EU citizen is target by US sanctions in Europa, visa has to comply, so much for the local company speeches. If Trump/US abuses this may be ammunition for real changes.
For now no EU company can match the US visa and mastercard, and despite PR do not see real action.
On the other hand, stable coins, which for now is taking off more in Asia, are a real threat to the milk money machine of visa.