Re:Visa and Mastercard agree to lower average credit card in...
by kalleboo on Friday May 19, 2023 @04:03AM
(#35999075)
This is the relevant number here: https://merchantsupport.tngdigital.com.my/hc/en-us/articles/...
Merchants are charged 0.5%. Compared to 2-3% in the US credit card scheme.
Re:Visa and Mastercard agree to lower average credit card in...
by AmericanChopper on Friday May 19, 2023 @05:08AM
(#35999498)
That’s a promo rate, and only available to certain merchants. Wait until it becomes profitable in “3 to 4 years”. The only real opportunity these systems have to increase efficiency is to not offer consumer fraud protections, which is obviously of questionable value to the consumers.
The TNG cash back program: https://fintechnews.my/33848/e-wallets-malaysia/fave-offers-...
The TNG loyalty program: https://www.touchngo.com.my/promotion/redeem-your-points/
The TNG cardholder fees: https://www.touchngo.com.my/policies/touch-n-go-card-fees-an...
There’s also merchant fees (which are confidential). All of these systems are just reinvented credit cards. They often try to compete with credit cards on merchant fees, but you’re still paying for exactly the same thing. This “alternative” is just the same thing with a different name. You might find a few base points difference in merchant fees here and there (especially during the growth phase of these technologies), but the alternative isn’t to eliminate the premium charged for processing credit cards, it’s simply to allocate it to a different service provider.