3 Reasons Why Bitcoin Beats Credit Cards for Businesses & Consumers
Unreasonably high card fees continue to be borne by retailers and ultimately by consumers. Merchants are paying billions of dollars to have issuers process their debit and credit card transactions. The high transaction fees issuers charge retailers is despite the 42 percent cost reduction card issuers have achieved over the past five years. Another issue....
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Using a credit card to pay for purchases has negative implications for businesses and consumers. Bitcoin provides a better, alternative payment method.
Credit card fraud remains one of the biggest financial threats to consumers all over the world. Giant Food, a grocer in the Washington area, has stopped accepting credit card payments when buying gift cards or prepaid debit cards. It does not happen often retailers stop accepting one of the more popular payment methods in the world today, but Giant Food saw no other options. The grocer has been dealing with massive amounts of fraudulent credit card transactions by customers buying prepaid debit cards or gift cards to use at the store. In fact, the store has put a clear sign at the checkout....
One of the most worrying trends to be faced by consumers in the financial world today comes in the form of financial debt. All over the world, people are using credit cards to purchase items, regardless of whether they can afford them at that time. Keeping in mind how most companies and retailers offer a monthly payment structure to pay for goods when using a credit card, the amount of debt can add up very quickly. Bitcoin, on the other hand, keeps consumers free from debt, and allows them to manage their finances efficiently. The Looming Mountain of Credit Card Debt. Spending money has....
A new survey has found that consumers believe bitcoin to be more inconvenient than traditional payment methods such as credit cards and checks. Conducted by prepaid and gift card product provider Blackhawk Network in April, the poll canvassed 1,000 US consumers, questioning them about their sentiment toward both traditional and emerging payment methods. In total, 18% of respondents reported using alternative payment methods such as Apple Pay, Samsung Pay and bitcoin within the last year. Sixty-eight percent of these consumers indicated they used the products more than they did in 2014.....
A new Demand Institute's study finds that the demand for expanded access to financial services, which could add an estimated $650bln in Chinese consumer spending over the next 10 years, has been going largely unmet. The report, A Wealth of Opportunity: Chinese Consumers and Their Shifting Demand for Financial Services, states that there exists an untapped demand among Chinese consumers for household financial services products, including deposit accounts, credit cards and debit cards. It further elaborates that the evolution of this demand in China would be different to that of other....