Visa and Mastercard to raise fees on small debit transactions
 

Greed. They need more competition.

Fucking chancers...

Good find :thumbsup

An increase of almost 300% and this:

"The fee increase could be an attempt by San Francisco-based Visa and MasterCard to recoup fees for banks, to affect consumer use of mobile payment services or to influence a pending lawsuit, McCrohan wrote. The caps may reduce revenue at U.S. banks by $8 billion, data compiled by Bloomberg Government show."

Banks have been flexing their power against the administration for a couple years now. Pretty pathetic.

We wouldn't want them to go hungry

They can just do whatever the hell they want and we can't do a damn thing about it except raise prices to reflect the fees. Bitcoin was a nice start, and we need more ideas like this.

Believe it or not there was a time when Visa/MC charges were done with a multiple copy paper transaction. A lot of hands on steps were required for processing and payment to the vendor. A vendors "rate" was based on average transaction. Simply put each transaction for a appliance store would be a lower percentage than for a restaurant for example.

With each step now being electronic what you are seeing is just another money grab.

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Don't complain. Use and support other payment methods. VISA and MC don't own you, and they can't use force to make you use them. You are free to choose not to do business with them if you wish. They are free to not do business with you if they wish. Everyone has freedom of choice here.... until governments get involved of course. Then force can be used to make everyone comply.


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:2 cents: