Re:Coin
by fps on Thursday November 14, 2013 @03:15PM
(#6735217)
Credit card fraud is generally not a problem in the US for consumers or the credit card companies, the two groups that would be in a position to adopt a new credit card technology. The merchants accept all the liability in the US credit card system, and they're at the mercy of the credit card company's policies, and the consumer's desire to use their card of choice or go somewhere else. As a consumer, I avoid cash-only businesses, and even tend to frequent ones that accept my card of choice (Discover) over those that only accept the cheaper cards (Visa/MC.) Businesses know this, and they're willing to accept credit cards so that they can earn most people's business.
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Re:Coin
by omegaworks on Thursday November 14, 2013 @04:08PM
(#6735593)
I love cash-only places. You know all your money is going to the hard working people making your sandwich instead of the big four credit card corporations.
You mean, instead of Uncle Sam.
Exactly, just more for Uncle Sam. At least credit card companies are re-investing their profits to cut down fraud and try to make money transfer easier in general. Could they be doing more? Of course, but the CC corporations have done a lot of good, even for the little SMB / mom & pop shop. The transaction rates these companies charge is very low, and that's all thanks to the competition that has driven down the price over the years
Re:Coin
by RockyMcNuts on Thursday November 14, 2013 @10:24PM
(#6737497)
for almost a second I thought you were serious.
>You know all your money is going to the hard working people making your sandwich instead of the big four credit card corporations.
In reality, much of your money is going to huge companies that supply their products, like Sysco.
The merchants generally do have the liability for fraud, but ultimately this "cost of doing business" is reflected in higher prices to the consumer.
But the consumer doesn't notice.
Thankyou, that's an explanation that makes a lot of sense - the poor schlubs at the sharp end are not in a position to make changes.
That was exactly the same in Europe. Yet the bank pushed EMV hard.
And the EMV transition has been going on behind the scenes in the US for years too, so expect to start getting cards with a chip as your cards expire over the next couple of years.