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It's not 30%, but a very large portion of VISA's profits comes from the fees they charge; VISA's fees are not capped to their "costs" of operating. VISA exists
by LordDragonfang 5y ago
It's not 30%, but a very large portion of VISA's profits comes from the fees they charge; VISA's fees are not capped to their "costs" of operating. VISA exists as a literal precedent that you can profit off a commission for a financial transaction.
The issue in question isn't whether Apple should be allowed to profit, it's whether they should be allowed to abuse their effective monopoly position to set their commission a literal order of magnitude higher than any other processor.
- clusterfish 5y agoIn EU credit card fees are capped by law, and the duopoly is surviving just fine, just with less obscene profits. Should do the same with mobile app stores.