ps: I'm not talking about taking loans. You're confused.
I'm talking about regular debit cards.
Ok this is what I thought. Sorry.
Wait, are you saying that bank credit core system is similar to social credit score? You must be joking. These are not the same, not even close.
When bank loans you money it wants to know how if you have a stable job, if you have other existing loans and such.
A social credit score is when they check your recent posts on social platforms to see if you support the government and decide if they should loan you money based on that.
The only thing I am saying mate is that they both suck. Between the bad, the worst option may be CBDC but I want to clarify that the current economic system which is bank based, has already huge flaws.
No bank credit system is not similar to social credit score. In fact I don't even want to know what the latter is.
But when the bank adds 17% on top of your expenses because you were one month late and then VISA gets 3% of that, I am sorry, I hate this equally.
If you talk about Debit payments then essentially VISA will get 3% of every payment you make, which is a service fee and it's not that bad. But again the bank owns the money you think you own, so...
I mean don't get me wrong, the only thing I am saying is we choose the bad from the worse.
And of course this:
A social credit score is when they check your recent posts on social platforms to see if you support the government and decide if they should loan you money based on that is the most unethical thing I have ever seen, but it's not the only one.