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A comment on Visa, Mastercard Agree to Lower Swipe Fees, Settling Long-Running Lawsuit. Parent comment

Re:Visa, Mastercard Agree to Lower Swipe Fees, Settling Long... by azinman2 on Tuesday March 26, 2024 @12:32PM (#39829783)
I don’t know why you’re being downvoted. Just look at China for an example where this is working. I think you’re absolutely right, and pull in some major merchants (Amazon?) to move the market.

That said visa/mastercard may have agreements that prevent this. If I were Amazon and interested in the long game I’d try to sue them for anti-competitive/monopoly status and remove that contingency.

What’s crazy is how we have a 2-3% inflation that could go away without these fees, and that’s not part the discussion on larger inflation.

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Re:Visa, Mastercard Agree to Lower Swipe Fees, Settling Long... by dylan604 on Tuesday March 26, 2024 @01:57PM (#39830800)
Walmart and a few other retailers tried to launch a qr code based payment system to directly challenge ApplePay. It took off like a lead balloon. The ApplePay system was so much more elegant and convenient than having to open an app, scan a qr code, confirm payment. Most of the stores that originally rejected ApplePay in hopes of the Walmart backed system are now happily accepting ApplePay.
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Re:Visa, Mastercard Agree to Lower Swipe Fees, Settling Long... by cornholio on Wednesday March 27, 2024 @07:53AM (#39837860)
The issue here are online payments, where NFC is either not available (payment is initiated on the desktop, while the payment app is mobile) or not necessary (payment is initiated on the same device that handles authorization).

There is no way to disrupt NFC payments and no need to - they are already secure, user friendly and can be used by any other major payment provider which gathers the critical mass.

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Re:Visa, Mastercard Agree to Lower Swipe Fees, Settling Long... by potamic on Tuesday March 26, 2024 @12:56PM (#39830104)
As does for India's state sanctioned network. Processes 400M transactions a day at a meagre operating revenue of 0.5M USD but still at a 40% profit margin! The card industry has been gouging the world for decades now.
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