Re:Visa, Mastercard mull increasing fees for processing tran...
by abalone on Friday February 15, 2019 @06:55PM
(#19175922)
> they also have the POS systems in place to just replace visa/MC if they want.
Yeah, that's not how it works. Banks that issue cards contract with intermediary card networks like Visa/MC, not POS system vendors.
> integrating bitcoin lightning network soon
Been hearing that for years. Basic problem is while merchants would love to have lower fees, consumers don't have a powerful incentive to switch off using cards. The usual argument is they would save ~2% on prices but there is actually evidence that this would't necessarily happen. When Australia regulated down processing fees, the savings were not passed onto consumers.
Yeah, that's not how it works. Banks that issue cards contract with intermediary card networks like Visa/MC, not POS system vendors.
> integrating bitcoin lightning network soon
Been hearing that for years. Basic problem is while merchants would love to have lower fees, consumers don't have a powerful incentive to switch off using cards. The usual argument is they would save ~2% on prices but there is actually evidence that this would't necessarily happen. When Australia regulated down processing fees, the savings were not passed onto consumers.