The people at Ingenico who decided you can’t insert your chip-card until the green light goes on will be the first against the wall when the revolution comes.
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The payment card people are infinitely worse than the coin people. The payment industry is a festering wound on the fact of society. The coin people are like a wart.
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I'm not convinced. For the most part, as both consumers and merchants, we could all just keep paying visa/mc 2%, dealing with minor inconvenience, and nothing awful could happen.
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2% is a pretty big hit. And I doubt that really captures all the costs of the current system.
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2% really doesn't matter to either merchants or consumers in any absolute sense. It only matters if there's a competing alternative that lacks the fee and your business model is built on such small margins.
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Matters a lot to low-income people who are paying cash and still eating a 2% (or 3% really) tax to subsidize a payment card industry they don’t benefit from.
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Matters a lot to small businesses that get clobbered with fraud and chargebacks.
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I've always thought the US government should establish its own electronic payment system.
End of conversation
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