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Electronic payment is taking a vital importance. In many countries, cash is no more an alternative as there are now limits on the amounts you are allowed to pay
by IdontRememberIt 6y ago
Electronic payment is taking a vital importance. In many countries, cash is no more an alternative as there are now limits on the amounts you are allowed to pay cash (usually to fight fiscal evasion, undeclared jobs, crime, money laundering, etc).
I wonder if in the future, electronic payment will be considered like electricity (basic utility?). Only a juge would be allowed to ban someone using it.
In the US, are electricity or water companies allowed to ban a customer if he is having criminal activities? How does it work?
- bediger4000 6y agoVisa and MasterCard in particular are hugely profitable businesses. There is no way that payment processing will be nationalized in the USA. Big corporations still prefer their customers pay with checks or ACH, because it costs about 1.25% minimum per transaction for Level 1 merchants. The US government clears checks, and it costs nothing per transaction.
- IdontRememberIt 6y agoIn many countries, utilities are not public companies but are obliged to offer a "universal service". When the service is considered as "universal", banning a customer is next to impossible. Today, electronic payment is practically considered as is but not legally. However I can imagine that cases will be raised and politician will change that.