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> From the article: "Banks say interchange fees help cover the cost of fraud. Retailers argue that fees should therefore decrease if fraud is reduced." Austria
by the_mitsuhiko 11y ago
> From the article: "Banks say interchange fees help cover the cost of fraud. Retailers argue that fees should therefore decrease if fraud is reduced."
Austria is chip&pin only (except for american cards which are allowed to do magstripe) and interchange fees are < 1%. Sure, part of that has been the EU forcing the networks down to that level, but this could not have been done if Chip&PIN was not in place.