Mastercard just bought the UK Cash Machine systems and BACS payment system!

[Zak33]

http://www.bbc.co.uk/news/business-36855983

Shocked!

I had no idea about anyone from any other county looking to buy our LINK systems, let alone our BACS system which controls Direct Debits and payments!

[Zak33]

Mastercard is buying 92.4% of Vocalink and the remaining stake will be held by the banks for at least three years.

blimey... way to go, as the pound slides!

[kalniel]

Could be worse - we could be selling the Land Registry to private companies.. oh wait..

[CAT-THE-FIFTH]

We took back control,apparently!

[Zak33]

Yeah we did, didn't we...feels like it

[TooNice]

Shouldn't we be glad to see some direct foreign investments?

[Zak33]

like we felt glad about ARM becoming Japanese.,.... yeah possibly

[Corky34]

Being bored i thought I'd ask a question that's been at the back of my mind since reading about this, in the article they say Vocalink being owned by a consortium of 18 banks is hampering competition and innovation, but how's getting rid of the consortium and replacing it with a single owner going to improve that?

[CAT-THE-FIFTH]

Being bored i thought I'd ask a question that's been at the back of my mind since reading about this, in the article they say Vocalink being owned by a consortium of 18 banks is hampering competition and innovation, but how's getting rid of the consortium and replacing it with a single owner going to improve that?

Cause moar money.

[Zak33]

Being bored i thought I'd ask a question that's been at the back of my mind since reading about this, in the article they say Vocalink being owned by a consortium of 18 banks is hampering competition and innovation, but how's getting rid of the consortium and replacing it with a single owner going to improve that?

ooh good question

Banks tend to try to keep the old current systems in place for fear of large scale investment requirements to move onward. Imagine 18 people pulling in diff directions.. they make zero progress as it's one system being pulled at!

for proper competition you need 3 or 4 separate systems competing over price and that works with gas prices or bank charges or double glazing prices.... but then with cash tills, we all just want them to work and not be charged at all.

it's a tough thing to get right.

I'm just shocked that a large financial business that's famous for credit cards is going to own the network AND the bank to bank clearing system!

[Output]

Frankly I'm surprised it seems to be going for such an amount. I would have thought that systems in such widespread use would be worth more - perhaps not being comparable to the price being paid for ARM, but at least something like 5-10 times what it actually is.

In addition, it makes me wonder whether ATM fees will start to become much more common, rather than being an occasional exception like it is currently.

[yamangman]

If you voted Tory you didn't actually believe them when they said the economy was safe in their hands?

[Saracen]

If you voted Tory you didn't actually believe them when they said the economy was safe in their hands?

They're politicians. Regardless of who I voted for, I wouldn't believe them if they said the sun would rise in the East tomorrow.

But please don't tell me you actually think Labour did a good job with the economy?

[peterb]

But please don't tell me you actually think Labour did a good job with the economy?

Did you mean

But please don't tell me you actually think Labour has ever done a good job with the economy?

[Corky34]

I'm no expert but from some figures I've looked at is seems other than the global financial crash in 08 they weren't doing that bad a job, at least not when compared to previous years.

[yamangman]

The economy in a 'safe pair of hands' was Dave's near-constant refrain. Safe until he needs to appease the fringes of the party! Elected on a platform of economic safety, how soon that was discarded when they had power enough for a miniscule majority. 'We see the wind set sore upon our sails, yet strike not but securely perish'.

Previous administration may have governed during turbulant economic times, it's the Tories that have made a deliberate choice for it, all the more galling given their election promises.