Re:Home Depot Files Antitrust Lawsuit Against Visa, MasterCard
by snuxoll on Friday June 17, 2016 @01:22PM
(#11924008)
Are you sure that's not 3% and 2%? When you consider the banks are on the hook for fradulent charges the interchange fee is their buffer to cover this (plus the myriad reward programs most banks offer).
Re:Home Depot Files Antitrust Lawsuit Against Visa, MasterCard
by germanier on Friday June 17, 2016 @01:28PM
(#11924071)
Yes, those numbers are correct, see e.g. http://ec.europa.eu/competition/sectors/financial_services/e... and http://ec.europa.eu/competition/sectors/financial_services/p... for an overview.
Reward programs always have been a bit less pronounced here in Europe and mostly have been reduced after the regulation of interchange fees.
Re:Home Depot Files Antitrust Lawsuit Against Visa, MasterCard
by 1_2__3 on Saturday June 18, 2016 @01:20AM
(#11927222)
Wow, it's almost as if capping the fees they can charge provides an incentive for the banks to aggressively pursue anti-fraud technologies that benefit everyone.
Naw, never mind this is the USA. Free market is all that matters.
In Europe, the interchange fee (what the retailer's bank pays to the card company) is limited to 0.3% for credit cards and 0.2% for debit cards. This came into effect sometime last year.