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A comment on Can the Visa-Mastercard duopoly be broken?. Parent comment

Re:Can the Visa-Mastercard duopoly be broken? by hn_throwaway_99 on Wednesday August 17, 2022 @06:43PM (#32502707)
I don't think anyone disagrees with you in terms of the value of credit cards, the issue is whether their fees are worth it. Their huge profit margins, as well as how they previously fought tooth and nail against, for example, allowing merchants to levy a credit card surcharge, suggest that their duopoly position is allowing them to charge exorbitant amounts for their services.
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Re:Can the Visa-Mastercard duopoly be broken? by moffkalast on Wednesday August 17, 2022 @07:32PM (#32503198)
Well 3% fees on every purchase on the planet is a pretty astounding amount of fucking money.

Explains why so many real world shops are still cash only.

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Re:Can the Visa-Mastercard duopoly be broken? by philip1209 on Wednesday August 17, 2022 @07:43PM (#32503303)
Also, taxes. Card networks issue 1099-K forms in the USA and report earnings to tax agencies.

That's a major reason Argentina is taking steps to mandate acceptance of debit cards - so that income is accurately reported for tax purposes: https://www.bcra.gob.ar/MediosPago/Politica_Pagos-i.asp

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Re:Can the Visa-Mastercard duopoly be broken? by Nursie on Wednesday August 17, 2022 @10:40PM (#32504612)
In many countries the fees are capped much lower than 3%. In these countries you see the opposite - small shops and restaurants now don't want the expense of dealing with cash, which has to be stored securely, counted, reconciled and banked. All of these things take time and money.

Cash isn't some 'free' panacea for a business.

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Re:Can the Visa-Mastercard duopoly be broken? by physicsguy on Thursday August 18, 2022 @01:36PM (#32512621)
Transaction fees are much lower in Europe, there are some laws about it. That means that credit card rewards are nowhere near as generous.
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Re:Can the Visa-Mastercard duopoly be broken? by chrismcb on Thursday August 18, 2022 @03:04AM (#32506261)
Worth it to whom? It costs money to deal with transactions. Whether that is cash or credit. 3% can actually be easier and cheaper than dealing with large sums of cash
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Re:Can the Visa-Mastercard duopoly be broken? by hn_throwaway_99 on Thursday August 18, 2022 @05:34AM (#32507230)
Abnormally large profit margins, as outlined in this article, mean that it's the lack of competition that is responsible for keeping fees high.
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