Re:Walmart Canada stops accepting Visa cards
by ma2rten on Sunday June 12, 2016 @10:19AM
(#11888187)
I think s/he means they preferred to pay cash despite the discount.
[ Parent
| on HN ]
Re:Walmart Canada stops accepting Visa cards
by SyneRyder on Monday June 13, 2016 @11:26AM
(#11894619)
No, customers prefer to pay electronically. The linked article points out that cash sales in Australia have crashed from 70% to just 47% and is on a fast decline.
I think the point of removing the cash discount is they can use the 'extra' 3% margin earned on those remaining cash sales to subsidize lowering their price via credit card to be more competitive. Their business is based on offering the lowest prices, but the cheapest price was cash only. The discount for cash no longer lures customers to come to their stores, so there's no incentive for the store to continue passing on the discount to the customer.