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How many stores are in Botswana vs how many are in America? How many in America were taking credit card 15 years ago vs Botswana? And those 15 year old machines
by post_break 7y ago
How many stores are in Botswana vs how many are in America? How many in America were taking credit card 15 years ago vs Botswana? And those 15 year old machines that still work, the CC companies wanted the retailers to pay them to replace the machines for chip and pin and got push back. There's a reason why you used chip and pin in BFE, and not at the Chinese restaurant down the street.
- ceejayoz 7y agoIn Australia, card processing terminals are leased from the bank, not owned, presumably for this reason. Banks can force an upgrade.
- pwinnski 7y agoIn America, retailers wanted the freedom of owning their terminals. This was rational, given near-usurious fees from credit card companies in the past. However, it means that now, retailers must finance their own upgrades, and so we all suffer.
- kshacker 7y agoIn America, its always the "freedom" that wins!
- allthecybers 7y agoIn America, its always the "illusion of freedom" that wins!
- pwinnski 7y agoOh, it's freedom--but freedom for whom? Freedom from what? The financier's freedom from regulation makes it easier for them to limit the freedom of the financed. The borrower's freedom from deception makes it harder for the banker to achieve record profits. In this case, the merchants got their freedom, and it seemed like a win for consumers too... until it was time to upgrade.