Comment by olalonde
3 years ago
This assumes that businesses hold all the power and can dictate payment methods to consumers. That's not how it works in a market economy. If there is a demand for alternative payment methods, businesses ignoring it will get outcompeted by competitors who do satisfy that demand.
In practice, they currently can. Tech companies have a monopoly in their respective verticals due to the lack of interoperability and use network effects to essentially force you to submit to whatever terms they choose.
Keep in mind that regulation isn’t usually drafted in a vacuum and instead takes the real world into account.
If tech monopolies get broken up by anti-trust regulation it would be a good time to review the GDPR (as privacy-friendly competitors can now interoperate with existing social media networks) but until then I’m happy to have it.