Re:Credit-card firms are becoming reluctant regulators of th...
by michaelt on Monday October 11, 2021 @12:35PM
(#28830156)
In my country, one can perform debit card transaction with 'cash back' - if I'm in the grocery store buying $50 of groceries with my debit card, and I also want $30 of cash, they can charge my card $80 and hand me $30 from the drawer.
This was a great boon for banks a few decades ago, as it functionally gave them a huge ATM network for free.
The debit card system understands this sort of transaction, and doesn't charge the normal x% processing fee on the cash withdrawal portion of the transaction.
In other words, retailers can create transactions that are effectively ATM withdrawals - without an ATM.
This was a great boon for banks a few decades ago, as it functionally gave them a huge ATM network for free.
The debit card system understands this sort of transaction, and doesn't charge the normal x% processing fee on the cash withdrawal portion of the transaction.
In other words, retailers can create transactions that are effectively ATM withdrawals - without an ATM.