Re:Forget Google, time to end the Visa-MasterCard duopoly
by jariel on Monday June 29, 2020 @07:54PM
(#23684917)
Banks are a cabal, that they needed VISA/MC was merely a need to 'standardise' a transactional network.
The evidence that they are an oligarchy lies in their power to set prices. Which points right to the definition of what a monopoly is.
If such systems were truly competitive, and we had say, 5 completely different systems that were truly competitive, the price would not be a total of 2.5%. The price would be set by the market, not the providers of the service and it would be much, much lower than 2.5%.
The evidence that they are an oligarchy lies in their power to set prices. Which points right to the definition of what a monopoly is.
If such systems were truly competitive, and we had say, 5 completely different systems that were truly competitive, the price would not be a total of 2.5%. The price would be set by the market, not the providers of the service and it would be much, much lower than 2.5%.