Forget Google, time to end the Visa-MasterCard duopoly

Post by tappio » Tue, Jun 30, 2020, 5:53 AM UTC

Ninn wrote: post #314

tappio wrote: post #311

This is a very us centric view. Most of the europe is so much ahead of US in payments that it is funny. There are dozens of alternative payment methods in the Europe. Especially in the Nordics card payments are on a big decline. There are basically two "tracks" to move money - card networks and bank to bank. Most new payment methods use bank transfer as the method of moving money. In the Nordics, every country has a…

While it is true that we have more options, I do not agree that non credit card mobile payment options are a primary payment. These still lack a lot of usability improvement in comparison to the now widespread mobile credit cards supported by almost all banks too. So I still recognise visa and their support for Apple Pay helps maintain this power. Heres to hoping that Apple Pay (and Android) will open up directly to…

Post by zymhan » Tue, Jun 30, 2020, 5:58 AM UTC

ezconnect wrote: post #293

vxNsr wrote: post #284

Earlier quoted context omitted.

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.

Post by stale2002 » Tue, Jun 30, 2020, 6:05 AM UTC

briandear wrote: post #237

matthewdgreen wrote: post #154

Earlier quoted context omitted.

In a properly competitive market the merchant doesn’t really get to keep it. Presumably they set their prices to a value that is X% higher than where they would normally set their prices without the need to pay transaction fees. If exactly half their business is paid in cash/debit and half in credit, then X might be set to something like half of the excess CC transaction fee. Then the credit card customers get to spl…

So get a rewards card. Some percentage of the sales taxes go to support programs I don’t agree with or use. And I can’t escape that. However, one could start a cash-only store if one wanted. You are also ignoring the cost of cash. Theft and cash handling isn’t a zero cost. Why should I, as a credit card user, be forced to subsidize losses due to cash handling? We could also talk shoplifting as well; policies that don…

Post by ivan_gammel » Tue, Jun 30, 2020, 6:09 AM UTC

ballenf wrote: post #287

vxNsr wrote: post #284

Earlier quoted context omitted.

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…

Germany is still way more cash-based and you see less consolidation of businesses into large chains than in the US. I'm not sure I buy "drowning in the same costs". I think there's something more akin to a prisoner's dilemma here.

Post by IvanK_net » Tue, Jun 30, 2020, 6:13 AM UTC