Re:Stripe Hires AWS' Mike Clayville as Chief Revenue Officer
by ilikerashers on Thursday August 06, 2020 @09:37AM
(#24070743)
I doubt Stripe or any payment provider has the scale to take on Visa/Mastercard. China is experimenting here: https://www.ft.com/content/fec06de9-ac43-4ab8-81f3-577638bd3....
Re:Stripe Hires AWS' Mike Clayville as Chief Revenue Officer
by xoxoy on Thursday August 06, 2020 @10:38AM
(#24071288)
don’t think they are suggesting that Stripe create a competing network
just like in Europe the government would regulate interchange, which they’ve mostly failed to do here outside of the Durbin Amendment
But Durbin has raised red flags about excessive swipe fees just this past week, and my bet is that a recovery plan for small biz will very closely scrutinize interchange, and possibly payment processing as a whole https://www.durbin.senate.gov/newsroom/press-releases/durbin...
Visa/MasterCard/amex are a huge tax on society, and they won by anti-competitive processes. Society wins very little by a 2-3% tax on all transactions.
I think the problems with credit card for businesses in the US are almost solely cost. There are other minor issues, but until Stripe works to bust up the interchange, they really aren't working on the true problem with payments.
(Fraud is a distant #2 issue for most merchants and for most people I've chatted with Stripe's radar is more expensive than the fraud itself).