Let's tackle both. Harmful anti-trust violations are rampant.
Forget Google, time to end the Visa-MasterCard duopoly
291–300 of 547 posts
Re: Forget Google, time to end the Visa-MasterCard duopoly
#292I don't get it -- Amex and Discover are still providing healthy competition, so the "duopoly" the author complains about seems to be largely irrelevant. Competition between cards is thriving and consumers benefit -- witness the miniscule transaction fee the credit card companies keep after paying your rewards back of 2% to 5%, when you pay your bill on time. The article's main point is that such large companies are a…
No one uses or takes those.
Re: Forget Google, time to end the Visa-MasterCard duopoly
#293Earlier quoted context omitted.
This has always struck me as one of the more blatant and out-in-the-open financial inequalities in this country.
It’s also a fake one. As the other commenter said, the credit card system came about bec cash was very expensive to use for stores. They were passing along those costs to consumers, the fact that that’s now inverted by some stores (cash discounts) is only doable bec of the prevalence of credit cards. Stores need to accept cash regardless, so there’s still some minimal added costs to using cash, but even with the offe…
In the US you are a criminal if your business is dealing with large amount of cash everyday. That’s how credit card got the market share. Companies make the law so you will use their system. They dont profit if you use cash whywould they allow you to do that.
Re: Forget Google, time to end the Visa-MasterCard duopoly
#294Already India start doing it, its UPI system enable us to avoid cards for all type of payments with processing fee. Also Rupay backed by GOI enable us to use those cards in abroad using vast connection.
Re: Forget Google, time to end the Visa-MasterCard duopoly
#295Earlier quoted context omitted.
Imagine if companies charged 2-5% less because they didn't have to fund CC company marketing tools like cashbacks.
Businesses aren’t required to accept credit cards.
But it obviously hinders their business if they don't, in the US at least. Even most food trucks typically have Square terminals (or similar) for card transactions.
Which leads me to believe that it's generally worth it for businesses, despite the "fees".
Re: Forget Google, time to end the Visa-MasterCard duopoly
#296Already India start doing it, its UPI system enable us to avoid cards for all type of payments with processing fee. Also Rupay backed by GOI enable us to use those cards in abroad using vast connection.
UPI is godsent. Probably the only good thing to come out of demonetization.
I use it everyday, from buying groceries at roadside stalls to paying for my life insurance.
I have pretty much stopped using cash altogether and use cards mainly in those outlets which don't have upi.
Re: Forget Google, time to end the Visa-MasterCard duopoly
#297Earlier quoted context omitted.
> financially literate is an individual responsibility. Is being able to read and write an "individual responsibility?" How about the ability to communicate in a language at all? What about any other basic core skill that would make a person capable of learning more things to make them "productive?" "Individual responsibility" as it pertains to these topics is at best a misnomer, if it even names an existent thing at…
I would encourage you to frame your disagreement with statements and facts. Asking questions expecting the reader to draw the same conclusion as you isn't a useful discussion mechanism. Especially when the reader doesn't agree with you.
I'm not sure what the relevant facts would be around an extremely value based argument of who is responsible for educating a society.
I guess we could look at the general fact that education is one of the better investments to increase a nation's GDP, bit I'm more concerned with the ethics than the money.
Re: Forget Google, time to end the Visa-MasterCard duopoly
#298Could Stripe swoop in and make a play to become a third major CC option? I feel like they have the core infrastructure in place and are still nimble enough to make it happen if they wanted.
Re: Forget Google, time to end the Visa-MasterCard duopoly
#299[deleted]
Re: Forget Google, time to end the Visa-MasterCard duopoly
#300Earlier quoted context omitted.
I was curious if this was true so I looked it up. AmEx + Discover have 20% - 25% market share depending on the metric you care about. Bing + DDG have 8% https://wallethub.com/edu/cc/market-share-by-credit-card-net... https://gs.statcounter.com/search-engine-market-share/all/un...
The stats are all over the place. This report says Amex + Discover is ~11% of US purchase volume in 2019. https://nilsonreport.com/publication_chart_and_graphs_archiv...
The article references [1] which says,
"Visa holds a 60% share of the credit and debit card market, followed by Mastercard with 30%, according to Ellis, with American Express far behind at 8.5%."
That puts Discover + AmEx at 10% or so.
1. https://www.reuters.com/article/us-visa-mastercard-stocks/sw...