Re:Swiping left on magnetic stripes
by lotsofpulp on Tuesday August 17, 2021 @04:49AM
(#28207626)
Contactless is not more expensive per transaction.
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Re:Swiping left on magnetic stripes
by supertrope on Tuesday August 17, 2021 @08:40PM
(#28216477)
Initially only “credit” networks like Visa/MC supported tap to pay with interchange fees of 1 to 2.5%. The low fee debit networks did not. Regulated debit is as cheap as 21c + 0.05%. A lot of retailers have thin profit margins of 5%. So contactless adoption would mean more high interchange “credit” transactions and fewer low interchange debit transactions. Thus the retailer resistance to contactless.