3 ms·

I don’t know why you’re being downvoted. Just look at China for an example where this is working. I think you’re absolutely right, and pull in some major mercha

I don’t know why you’re being downvoted. Just look at China for an example where this is working. I think you’re absolutely right, and pull in some major merchants (Amazon?) to move the market. That said visa/mastercard may have agreements that prevent this. If I were Amazon and interested in the long game I’d try to sue them for anti-competitive/monopoly status and remove that contingency. What’s crazy is how we have a 2-3% inflation that could go away without these fees, and that’s not part the discussion on larger inflation.

potamic 3y ago
As does for India's state sanctioned network. Processes 400M transactions a day at a meagre operating revenue of 0.5M USD but still at a 40% profit margin! The card industry has been gouging the world for decades now.
dylan604 3y ago
Walmart and a few other retailers tried to launch a qr code based payment system to directly challenge ApplePay. It took off like a lead balloon. The ApplePay system was so much more elegant and convenient than having to open an app, scan a qr code, confirm payment. Most of the stores that originally rejected ApplePay in hopes of the Walmart backed system are now happily accepting ApplePay.
- cornholio 3y ago
  The issue here are online payments, where NFC is either not available (payment is initiated on the desktop, while the payment app is mobile) or not necessary (payment is initiated on the same device that handles authorization). There is no way to disrupt NFC payments and no need to - they are already secure, user friendly and can be used by any other major payment provider which gathers the critical mass.