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Money and Finances
Reply to "Credit Card Fees passed through from merchant"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]And this is why many countries are moving away from credit cards. In China, they pay by QR code (Alipay and WePay). In India, they use UPI. Both are app-based methods of payment that tie to an underlying bank account but also have their own wallet so you don't actually need a bank account. But they also go around the credit card system entirely.[/quote] This. I study the credit industry as part of my job. Visa, MC and Amex are not the industry standard anymore and are experiencing difficulties expanding into new international markets bc of the ease, simplicity and low cost of these other payment alternatives. The US is very far behind. [/quote] And it's solely because of their oligopoly that their rates are so high and they haven't allowed them to be competed down by these new technologies. Visa's [b]profit[/b] last year was $36 billion. That's insane for what really should be a utility.[/quote]
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