Haha. Ask American Express. They’d love to help.
AMEX won't lower their surcharge. Until they do, they will always lose business to Visa and Mastercard.
Can the Visa-Mastercard duopoly be broken?
61–70 of 703 posts
Re: Can the Visa-Mastercard duopoly be broken?
#62https://www.moderntreasury.com/learn/what-is-fednow > FedNow is an instant payment service for both individuals and businesses. Once launched, the initial transaction limit will be $25,000. This means that FedNow be more useful for small businesses and retail payment needs until it is widely adopted and the transaction limit grows. > In early 2022, the Federal Reserve released pricing and fee details for their real-t…
>Merchants can pass the CC surcharge through Unless things have changed in the last 20ish years, if you accept credit cards you’re not allowed to charge different prices for CC vs non-CC payments (although there are apparently some carve-outs for gas stations).
That is just a merchant contract isn't it? In Australia government passed law that disallows such clause in contract and it is very common here to pay a credit card fee (the fee can only recoup the extra cost for CC transactions and not be a profit in in itself).
Re: Can the Visa-Mastercard duopoly be broken?
#63Can we get banks to adopt new banking platforms? Probably not...
Re: Can the Visa-Mastercard duopoly be broken?
#64https://www.moderntreasury.com/learn/what-is-fednow > FedNow is an instant payment service for both individuals and businesses. Once launched, the initial transaction limit will be $25,000. This means that FedNow be more useful for small businesses and retail payment needs until it is widely adopted and the transaction limit grows. > In early 2022, the Federal Reserve released pricing and fee details for their real-t…
>Merchants can pass the CC surcharge through Unless things have changed in the last 20ish years, if you accept credit cards you’re not allowed to charge different prices for CC vs non-CC payments (although there are apparently some carve-outs for gas stations).
That changed with Dodd-Frank.[1]
[1]: https://www.ftc.gov/business-guidance/resources/new-rules-el...
Re: Can the Visa-Mastercard duopoly be broken?
#65Earlier quoted context omitted.
Apple pay is just an easy way to use your card
It’s on the discover card network
You’re thinking of Apple Cash, which is a Green Dot Bank debit card that used to use Discover and now uses Visa Debit. Apple Pay in general works with all four major networks and nearly any credit or debit card.
Re: Can the Visa-Mastercard duopoly be broken?
#66Earlier quoted context omitted.
I absolutely, positively do not.
It has much, much better scalability and uptime. The other day the entire LN went down due to 1 bad node. That has never happened, and will never happen in the original Bitcoin design (ticker: BCH).
It has better scalability if you don't care about decentralisation whatsoever and that it's possible that everyone can store a copy of everyone's else's coffee transactions in perpetuity. It's not possible without huge, expensive to run servers, which is why nobody runs a BCH node. Uptime? By what metric? Bitcoin, the real one, has 100% uptime since the fork. The entire LN did not "go down the other day due to one bad node", that is not how it works at the most fundamental level. It simply did not happen. If you're a sockpuppet then nobody is buying it sorry, your coin is dead. And if you've actually fell for this narrative and actually hold BCH, then I am truly sorry and hope you realise you've fell for a scam before you lose any more money.
Re: Can the Visa-Mastercard duopoly be broken?
#67Earlier quoted context omitted.
This is something I hope a blockchain solution breaks through. A thought on how to do it. 1. Create a stable coin 2. Create a credit card that uses this token 3. Tie using it to some reward, supercharge it with VC if you have to 4. Release a QR payment component where vendors don't have to pay to receive payment, get rewards and payees earn double rewards 5. Integrate that bad boy far and wide Worth noting that Strip…
So far I think the first step has failed spectacularly a few times, let alone any follow up. I'm not saying the above is necessarily impossible, but at this point I've acquired an instant gag reflex when I hear blockchain. I'm not sure if that's a healthy approach for me, but it's true. Why does it have to be a blockchain instead of a government-mandated nonprofit (e.g. FedNow) to operate it? Wouldn't that have more…
The Fed is absurdly profitable.
Re: Can the Visa-Mastercard duopoly be broken?
#68Earlier quoted context omitted.
This is something I hope a blockchain solution breaks through. A thought on how to do it. 1. Create a stable coin 2. Create a credit card that uses this token 3. Tie using it to some reward, supercharge it with VC if you have to 4. Release a QR payment component where vendors don't have to pay to receive payment, get rewards and payees earn double rewards 5. Integrate that bad boy far and wide Worth noting that Strip…
So far I think the first step has failed spectacularly a few times, let alone any follow up. I'm not saying the above is necessarily impossible, but at this point I've acquired an instant gag reflex when I hear blockchain. I'm not sure if that's a healthy approach for me, but it's true. Why does it have to be a blockchain instead of a government-mandated nonprofit (e.g. FedNow) to operate it? Wouldn't that have more…
I used to feel the exact same way until I saw what Circle did with USDC.
I’m highly doubtful that FedNow will be able to compete in terms of innovative new features. Say what you will about blockchain, there’s a lot of builders out there aggressively churning out new tech without anyone’s permission.
Re: Can the Visa-Mastercard duopoly be broken?
#69I'm just grateful it's a duopoly and not a monopoly. Can you imagine how much worse the situation would be if one company soft-owned the entire space the way Facebook does with social media?
Re: Can the Visa-Mastercard duopoly be broken?
#70Does anyone sincerely believe FedNow will gain traction for consumer payments? The fees don’t seem particularly cheap (at least compared to something like Solana Pay), and the FedNow website does not inspire confidence.
If checking accounts get debit-only RTNs for cheap/free, this could potentially catch on. $0.06 per transaction with $25/month subscription fee is incredibly cheap, plus no chargebacks!
Biggest issue I see is that the larger banks might not offer this to their customers so as to not cannibalize their credit card businesses and/or in-house payment system.