Monday, March 12, 2007
By Tim Webb
Paying for goods with notes and coins could be consigned to history
within five years, according to the chief executive of Visa Europe.
Peter Ayliffe said that, by 2012, using credit and debit cards should
be cheaper and more convenient than cash.
Some retailers could soon start surcharging customers if they choose to
buy products with cash, because of the greater cost of processing these
payments, he warned.
Visa Europe briefed the British Retail Consortium last month on new "
contactless" cards that can be waved in front of a scanner to make
small payments.
However, the consortium dismissed this vision and claimed that card
processing fees, which regulators are investigating, are still too
high.
One member of the consurtium said that the estimated "interchange" fee
charged to retailers amounts to some 4p for each transaction.
Nick Mourant, treasurer at Tesco, said: "There is a duopoly between
Mastercard and Visa in the UK. Their setting of fees is
anti-competitive."
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Cashless society by 2012, says Visa chief
Comments
Re: Cashless society by 2012, says Visa chief
by
Hamilton
on Mon 19 Mar 2007 08:50 AM EDT | Permanent Link
According to www.unfaircreditcardfees.com, consumers in the US paid $30 billion in interchange fees in just last year alone. Seeing as Visa and Mastercard already have the credit card market cornered, I wouldn’t expect that figure decrease to if they were the ONLY method of payment.
Re: Cashless society by 2012, says Visa chief
by
Yina Tothers
on Mon 19 Mar 2007 03:48 PM EDT | Permanent Link
I'm sure VISA would love that -- if you've seen those stupid commercials where the guy in the cafeteria tries to pay with cash and screws up the whole system, it's pretty obvious VISA hates and fears the cash system.
Because if you're using cash, you can't be using their system and paying them fees. Same with the merchants, and in fact that's where they get the majority of their profits -- from the interchange fees mentioned in the article. And how do they make up those fees? Yep -- by charging the customer. What we need is a cash discount, although that obviously scares the credit card companies to death. I'm working to help raise awareness on this issue, so if this interests you at all, check out my org's site: http://unfaircreditcardfees.com Cheers! Trackbacks
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