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If you want to stick another corporation between all your payments then that is entirely up to you. I don't think it's particularly wise to hope for cash to die

by ehnto 3y ago

If you want to stick another corporation between all your payments then that is entirely up to you. I don't think it's particularly wise to hope for cash to die out. An example of a side effects of cashless is that 3%-6% of profit from market stalls at a fair go to credit card companies and payment intermediaries. Bit weird that Visa and Square get a cut of me purchasing some local farmers honey directly from the farmer. But they have to use them else they'd miss out on sales.

rescbr 3y ago
That’s why I pay cash out of principle at my local farmers market. Bit of a hassle to walk to the ATM sometimes, but it’s worth it.
charcircuit 3y ago
The government could create a payment network that is subsidized by taxes.
rtpg 3y ago
EU regulates interchange fees. We can make an active choice to offer this stuff at cost (especially with stuff like PINs reducing fraud) We can decide to just not allow the cut to be so high. It's possible to set a limit. Visa makes a bunch of money because they don't need 3% to cover infra + fraud.
Daz1 3y ago
Why is it a bit weird? You're compensating them for the service they're providing. Do you think the plastic card you carry around has magical payment properties?
- ehnto 3y ago
  Yes, I understand deeply. I work in commerce. The farmers market vendors accept payments because consumers expect it, and consumers expect it because it's a great service. It's weird because it means they have their fingers in the pockets of even tiny local interactions like that. Vendors love having easy payments sure, but I've yet to meet a vendor happy about losing 3%+ of their margins because consumers expect it.
astrange 3y ago
This doesn't apply to Japan, anyone doing cashless there accepts 200000000 different types of payments and there's too much competition to sustain that level of fees. (And yet people say it's a collectivist society.)

by ehnto 3y ago

rescbr 3y ago

That’s why I pay cash out of principle at my local farmers market. Bit of a hassle to walk to the ATM sometimes, but it’s worth it.

charcircuit 3y ago

The government could create a payment network that is subsidized by taxes.

rtpg 3y ago

EU regulates interchange fees. We can make an active choice to offer this stuff at cost (especially with stuff like PINs reducing fraud) We can decide to just not allow the cut to be so high. It's possible to set a limit. Visa makes a bunch of money because they don't need 3% to cover infra + fraud.

Daz1 3y ago

Why is it a bit weird? You're compensating them for the service they're providing. Do you think the plastic card you carry around has magical payment properties?

ehnto 3y ago
Yes, I understand deeply. I work in commerce. The farmers market vendors accept payments because consumers expect it, and consumers expect it because it's a great service. It's weird because it means they have their fingers in the pockets of even tiny local interactions like that. Vendors love having easy payments sure, but I've yet to meet a vendor happy about losing 3%+ of their margins because consumers expect it.

astrange 3y ago

This doesn't apply to Japan, anyone doing cashless there accepts 200000000 different types of payments and there's too much competition to sustain that level of fees. (And yet people say it's a collectivist society.)