Visa and MasterCard Secretly Increase Processing Fees
The introduction of new NFC and EMV-enabled payment cards has forced merchants to upgrade their payment terminals since last 2015. However, it seems that upgrade brought other unwanted changes, such as an increase in debit transaction fees. Any merchant wants to attract as many customers as possible, which also means they will need to support the most....
Related News
A new way to pay by bitcoin is on the horizon, a bitcoin debit card called iBTCard. That name stands for International Bitcoin Transfer Card. The company behind the project, Tradecoinz LLC, is hoping to provide an alternative payment method to VISA and MasterCard, but in a way that most people can recognise and understand. We spoke to the founder and CEO of Tradecoinz, Cameron Halter, who told us that iBTCard will register with FinCEN as a money services business (MSB). He also stated that there will be policies in place to prevent theft and money laundering. One of those methods is a....
Coinbase aims to supplant payment processors like MasterCard and Visa, CEO Brian Armstrong told the Wall Street Journal. As Armstrong hints at in the interview, altering current payment processing methods would be a huge boon to bank consumers around the world. Armstrong claims that credit card processing fees amount to $500 billion. Bitcoin will slim that number down to $50 billion. I wasn't able to verify that number with Google, but the point is that many experts estimate that Bitcoin could cut transaction costs and other fees to about 10% of whatever it currently is. MasterCard and....
Backpage says “screw off” to squeamish credit card companies Visa and MasterCard by dropping fees for adult ads and announcing that it is going to accept all digital currencies like Bitcoin, Litecoin, and Dogecoin. Some estimates say Backpage’s acceptance could open up a $100m (£64m) opportunity for Bitcoin, since it is one of the site’s only remaining payment options. This decision came as Visa and MasterCard cut off their services to Backpage, citing illegal or brand-damaging activities as the reason. Therefore, users who want to post ads on Backpage must now use Bitcoin, Litecoin, or....
When Bitcoin supporters praise their favorite currency, one of the great attributes everyone discusses is the network’s low fees, paling in comparison to the major credit card companies such as Mastercard and Visa. Now, with Walmart dropping support for Visa in Canadian stores due to high fees, bitcoin could have a chance to shine. Walmart and Many....
The cost of traditional banking transactions has come into focus once again as Amazon announced it would no longer accept Visa credit cards for payment in the UK. It was part of a battle that began earlier this year in Singapore and Australia where the e-commerce giant took steps to deter Visa credit card payments. An Amazon spokesperson explained, “We believe the cost of accepting credit card payments should be going down over time to allow merchants to reinvest savings into low prices and shopping enhancements. Yet despite technical advancements, some cards’ cost of payments continue to....