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> "I cannot believe that Visa transaction overhead would be higher than Amex - there's something going on behind the scenes here." Especially considering that
by Reason077 5y ago
> "I cannot believe that Visa transaction overhead would be higher than Amex - there's something going on behind the scenes here."
Especially considering that card transaction fees (in the EU and UK) are capped by the Interchange Fee Regulation (IFR) [1]
But I suppose Amazon processes card payments in such huge volumes that they expect to get rates below the cap limits (0.2% for debit cards and 0.3% for credit cards), or Visa are applying excessive additional fees outside of the interchange fee?
[1] https://www.psr.org.uk/our-work/card-payments/the-ifr/ https://www.psr.org.uk/our-work/card-payments/the-ifr/
- orra 5y agoThe UK has hinted it wants to increase the cap, as a “Brexit dividend”.
- PeterisP 5y agoWhy would a larger cap benefit the UK or its government in any way? It's not like the "dividend" would be received by them, it's an effective +1% tax on all payments from consumers to the banks.
- ookware 5y agoBecause our government would appear to work more for the banks than the public