3 ms·
Perhaps they should... but its not like it hasn't been done before, MasterCard started out as a cooperative owned by financial institutions. Before its IPO, it
by ensignavenger 3y ago
Perhaps they should... but its not like it hasn't been done before, MasterCard started out as a cooperative owned by financial institutions. Before its IPO, it has over 25,000 members. They still charged high interchange fees.
I think attacking it from a different angle- a payment network owned by the merchants (as a cooperative) themselves, would be a better bet. Merchants used to lend money to their customers on account all the time, it makes sense for them to return to their roots and issue their own cards, that work on their own network (for interoperability).