The Battle Over 'Swipe Fees' - Politics and Other Controversies -Democrats, Republicans, Libertarians, Conservatives, Liberals, Third Parties, Left-Wing, Right-Wing, Congress, President - Page 4 - City-Data Forum

uggabugga · 04-01-2011, 08:57 AM

Quote:

Originally Posted by thecoalman

What I'm suggesting is an electronic replacement for paper cash, it would need to be just like cash. For example you'd go to your bank and they would issue a card instead of paper when you made a cash withdrawl. I'm not suggesting something can be traced to you.

i have often wondered why such an option doesn't exist; maybe some company like google will be brave enough to try. at least some option to the current big players.

there is a crap-ton of money to be made even by charging half as much as current fees.

Quote:

Credit card interchange is a fee averaging close to 2 percent that Visa and MasterCard banks charge merchants each time one of their cards is swiped to make a purchase. These "swipe" fees are imposed on merchants on a take-it-or-leave it basis, and have have soared dramatically in recent years. U.S. retailers and consumers pay about $50 billion a year for interchange, or triple the $16 billion charged when NRF began tracking the fee in 2001. The fees drive up the price of merchandise, costing the average American household $427 a year, up from $159 in 2001.

[yeah, i realize the NRF is not a disinterested third party].

thecoalman · 04-01-2011, 09:11 AM

Quote:

Originally Posted by kevinm

Sounds like a counterfeiters dream.

Like I said a lot of hurdles but I don't see why it would be more open to fraud than a regular CC.

One of the bigger issues would be limiting them, one reason they don't print anything above $100 bill is because they want to keep really large amounts bulky.