this post was submitted on 29 Mar 2026
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Visa, Mastercard, PayPal, Stripe warned of debanking consequences (www.bankingdive.com)
submitted 3 days ago by themachinestops@lemmy.dbzer0.com to c/technology@lemmy.world
71 comments fedilink hide all child comments
 

The CEOs of Visa, Mastercard, PayPal Holdings and Stripe received letters Thursday from Federal Trade Commission Chair Andrew Ferguson, who demanded they not discriminate against customers based on political or religious grounds.

The FTC threatened enforcement action if customers are denied services for those reasons.

Any act to “deplatform customers or deny them access to financial products or services” may violate the Federal Trade Commission Act and “could lead to an FTC investigation and potential enforcement action,” the agency said in a Thursday press release. The FTC didn’t cite any specific infractions by the companies.

The commission is typically made up of five members, but has just two at the moment. President Donald Trump last fired two of the Democrats who sat on the commission.

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[–] kent_eh@lemmy.ca 36 points 2 days ago (3 children)

I really hope some non-US controlled credit card issuers and processors start to exist soon.

The entire US financial system seems like such a risk to participate in these days.

[–] yabbadabaddon@lemmy.zip 10 points 1 day ago

I know it is not a payment processor but I think this needs more attention to what it got. The biggest smart card manufacturer was French. If they died (the company still exists but is a shadow of what it was), you'd have to thanks the NSA for it.

The English Wikipedia is lacking but you'll find more details here : https://fr.wikipedia.org/wiki/Gemplus

The USA is fighting dirty to keep its position overall and we are not responding at all.

[–] BlackLaZoR@lemmy.world 1 points 1 day ago

Not globally. Right now and for foreseeable future only crypto supports world wide. There are initiatives for EU wide payment processing but it won't work outside

[–] SomethingBurger@jlai.lu 4 points 2 days ago (1 children)

Carte Bleue should expand beyond France.

[–] kent_eh@lemmy.ca 2 points 3 hours ago

As a Canadian, I would be fine with an EU based system that works globally.