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"they ARE standard credit card transaction fees" Creditcards are robbery, they are not very populair and cost retailers money. Why does everyone want to make m
by phobosdeimos 8y ago
"they ARE standard credit card transaction fees"
Creditcards are robbery, they are not very populair and cost retailers money. Why does everyone want to make money from transactions? We are talking about a basic service that costs less than a cent.
- mikeash 8y agoNot very popular? They seem extremely popular to me.
- isostatic 8y ago> they are not very populair and cost retailers money Citation needed. Well on the popular claim. Yes they cost retailers money, so do debit cards, so does cash. In the UK debit cards are the most popular means to do a retail transaction - in terms of numbers of transactions (it's been plastic in terms of value for years). Credit card transactions from 9% in 2013 to 11.5% in 2016. Debit card from 32% to 43%. Cash decreased from 52% to 42%. 'Plastic' has never been more popular. Average cost of taking sash has remained fairly stable, but the cost of taking debit and credit cards has plummeted in recent years, in line with their increased popularity. In 2016, credit cards cost 0.5%, Debit 0.25%, Cash 0.15%. Non card costs (including things like paypal) is at 1.7%. Figures from https://brc.org.uk/media/179489/payment-survey-2016_final.pdf https://brc.org.uk/media/179489/payment-survey-2016_final.pd...
- acdha 8y agoCash also costs retailers money: counting and delivering it, dealing with fraud, etc. – it’s just a cost of doing business and businesses balance those all the time. Right now most places I go are pushing credit cards / NFC because it’s faster and doesn’t suffer from counterfeiting. The reason Bitcoin hasn’t seen much usage is that it’s worse on every one of those metrics. There just isn’t a non-ideological market for a slow, expensive system with no fraud protection.