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Agreed, just adding it as a data point to those who think cash is a solution.

I looked through the lawsuit and this is about stifling alternative payment methods.



Nobody is suggesting cash as a "solution" except you.

The issue isn't the solution, the issue is the staggering cost of the service in the US vs everywhere else. It's 2x higher in the US, for no good reason other than having a monopoly. In Europe near-instant wiring of money is trivial so for large purchases, businesses can just accept a transfer - so MC/Visa have competition there.

Here, wire transfers are a royal pain in the ass, slow, and expensive, so there's no competition. Zelle and others are slowly changing that, but they mostly compete against paypal for p2p payments, not b2c etc.


Comments from this discussion...

>Visa charges 3%. Everything you buy could be 3% cheaper, that's better than cash back.

>And anyone that ever uses cash for anything is overpaying, because prices everywhere have been jacked up to include headroom for "give back 2.5% as credit card rewards"

>For people like me who treat a credit card as a debit card, I see no reason for vendors to pay that "tax" if there are almost free alternatives.


I mean in Europe they also have credit card payments, the rates are just pushed down. Yeah it means Europe doesn't get the cool rewards.

There doesn't need to be a magical new business here. Some numbers changing can resolve a lot of pressure.




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