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I was reading this article about a company that is doing money transfers for 25 cents per transaction, and that's on track to do more than $356 million in transfers.
Its basically how any "Visa"-type corporation starts up... lure you with the small fees, makes some changes so that everyone can join in... then charge you the same rate as the other competitors.... I don't buy their idea...
They try to say that they are not like Visa... but what they left out is they are trying to be like Visa... their methodology is no different than writing a check if you think about it.... I see the incentive to lower costs for businesses doing such transaction as everything is digital and fast and costs less but you have to have the money, not borrow against credit... also what is the incentive for consumers? NONE... at least with credit cards, I get cash back or other rewards... I compared the rewards to merchants who offer discounts if you pay by cash... winner? Credit cards... I know merchants would love it if u use cash or check which is what Dwolla really is... but consumers are for saving money not losing more of it... and that comes with credit cards (for me at least)... I saved several thousands with credit card since I been using them... it's too bad I can't do it with my mortgage...
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