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A representative of Merchants Payment Coalition responded to my recent blog post on credit card price controls, making several valid points in defense of proposed legislation aimed at limiting interchange fees. My answer to his criticisms:
First, Will disputes my statement that the bill is e ... Continue reading »
First, Will disputes my statement that the bill is e ... Continue reading »
1 year ago
Now the system is developed enough that such a centralized system is not necessary to secure payment. Instant check transactions with image-of-a-check-is-a-check systems that provide much the same service as credit cards without the large service charge, and pay-by-phone that is becoming incredibly prevalent in both the EU and in Asia. (the later of which can theoretically provide security vastly out-ranking that of credit-cards.) There rates are astronomical in a world where most banks and people in the world can transfer sums in the billions of dollars instantly and securely, without the need for a complicated billing cycle. We don't need the big credit card companies to punk us out of 2% of our money ostensibly for a system of payment that is largely becoming open-source. It is about time that their rates are lowered. These credit card companies are trying to use there familiarity and market share to rationalize their anti-competitive practices and over-state their importance. They need to be punished for their domineering control of the market. This is basically the result of the banding together of the lobbying efforts of retailers who want there money back, and it is strongly known that the retailers are in a much more fierce competition than the credit card companies. By slimming down on those credit card companies fat, accumulated for a service that is no longer necessary, we ultimately move that money back to consumers, so they, not their credit card companies, can decide what to do with it.