3 ms·
>we still rely on private payment processors, credit card companies, which extract fees for a service that doesn't have any technical necessity anymore The tec
by nemothekid 4y ago
>we still rely on private payment processors, credit card companies, which extract fees for a service that doesn't have any technical necessity anymore
The technical necessity is there; for your chase-backed visa card to pull money from chase and deposit it into your shop's citibank, there needs to be some infrastructure. Whether a private company or the government provides this infrastructure is another story.
(Although if the government provided you could argue that there would likely be even more political headaches that prevent what goes across the wire).
- tangjurine 4y agoDo you have an estimate of the cost of the infrastructure required vs. how much credit card companies charge today?
- bhelkey 4y agoIn Q4 2022, Visa had a revenue of 7.94B, net income of 4.18B, and net profit margin of 52.66%.
- cubefox 4y agoBank transfers are a thing. They don't require an intermediary credit card company. The problem is that currently such a transfer is usually slow because of software/protocol issues.