Re:Visa and Mastercard agree to lower average credit card in...
by eru on Friday May 19, 2023 @04:22AM
(#35999225)
Yes, I'd like to see a world without silly credit card cashbacks, too. And ideally they'd slay that beast by removing regulations, not by piling more on top.
> I don't know what's the solution here. I'm weary of government intervention in capping prices, but I'm not sure what's the alternative here -- force each card to be available over multiple networks and for them to bid the interchange per transaction? Durbin amendment style caps? I don't know. But I do know that the status quo cannot stand.
Perhaps make it easier for new payment providers to enter the market? Here in Asia we have lots of alternatives popping up (like Grab pay). And merchants are happy to support them, because they typically charge lower fees than Visa and Mastercard.
Re:Visa and Mastercard agree to lower average credit card in...
by flangola7 on Saturday May 20, 2023 @07:06AM
(#36010875)
I don't see why everyone in thread is so allergic to regulating it. I vote for the representatives I do precisely because I want these types of practices controlled.
> I don't know what's the solution here. I'm weary of government intervention in capping prices, but I'm not sure what's the alternative here -- force each card to be available over multiple networks and for them to bid the interchange per transaction? Durbin amendment style caps? I don't know. But I do know that the status quo cannot stand.
Perhaps make it easier for new payment providers to enter the market? Here in Asia we have lots of alternatives popping up (like Grab pay). And merchants are happy to support them, because they typically charge lower fees than Visa and Mastercard.