Visa and Mastercard decided to increase their Fees.And there is nothing y can do

[vit05]

Visa, Mastercard mull increasing fees for processing transactions: WSJ

Visa Inc and Mastercard Inc, the two biggest U.S. card networks, are preparing to raise certain fees levied on U.S. merchants for processing transactions


They operate as a global duopoly. They operate a large chunk of global trade. They are ubiquitous on internet.  And they decide, without consulting anyone or without any justification, to increase their fee.

This is what centralized organizations will always make if they have the power to do. We need alternative means of payment to reduce that power and Bitcoin has to show itself as an alternative.

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[poochpocket]

Visa and MasterCard are some of the most prominent and famous card network around the world and there is no doubt they operate on global basis and can increase the tx fees as per there requirements or needs.


As you can see the wall street journal (WSJ) said.

Up to 2.5 percent of prices for goods and services go to cover card fees

From this we can judge there tremendous amount of profits from sales and usage of there services. And yes it can be said as a global duopoly for sure.

This centralized economic power on global level can be decentralized by just avoiding such types of services which operate under high personal benefits for small transaction work and using a clear and free from authority, type of economic service which is Bitcoin. There are very high possible number of benefits Bitcoin could bring to this centralized transaction services.

[LimLims]

Visa, Mastercard mull increasing fees for processing transactions: WSJ

Visa Inc and Mastercard Inc, the two biggest U.S. card networks, are preparing to raise certain fees levied on U.S. merchants for processing transactions


They operate as a global duopoly. They account for much of global trade. And they decide, without consulting anyone or without any justification, to increase their fee.

This is what will always make centralized organizations that have this power. We need alternative means of payment to reduce that power and Bitcoin has to show itself as an alternative.

I completely agree on your thoughts.
The Visa and MasterCards company are really annoying its users completely. They are not stopping in to do so in any expects.
They keep on Increasing the fees as much they are capable of and we normal users are facing a lot of issues for that.
So we definitely need any alternate way of Payment at the moment.
It's time for Bitcoin now to show its Power.

[CryptoBry]

This is quite expected since these companies are not owned by the people they are serving so they can decide on anything anytime on whatever direction they are going with. Yes, this is one disadvantage of a centralized system but this also means that as a centralized entity it can decide on anything fast and more efficient compared to a decentralized organization. One thing I learn in life is that on anything there will be advantages and disadvantages. Of course, there can be a better way but until such time that the best options or alternatives are not yet utilized by the mainstream population then we can do nothing but just voice our complaints and displeasure especially if we are imposed with more fees on transactions. The challenge for Bitcoin or the whole cryptocurrency market is to make things better and more adoptive to the people's needs and desires so that more and more people can be riding this bandwagon.

[pooya87]

i want to raise a question regarding this, do you think it is a good thing for bitcoin?

them increasing fees they take from merchant to process their transactions means merchants have to increase their prices to cover the difference if they don't want to lose money or eat into their profit.

on the other hand using bitcoin doesn't have that fee. so if they get paid in bitcoin they can offer their goods at a "discount" and that can create incentive for people to make payment in bitcoin hence increasing adoption.

[vit05]

on the other hand using bitcoin doesn't have that fee. so if they get paid in bitcoin they can offer their goods at a "discount" and that can create incentive for people to make payment in bitcoin hence increasing adoption.

This is undoubtedly a very interesting way of looking at this situation. For the adoption of Bitcoin, it would be much better if it were seen as a cheaper alternative.

A credit card, for a merchant, does not just have only the cost of that Fee. Usually, it takes a long time for him to receive the money. It can be 10 days up to 30 days. So, it would make more sense for some merchant to start making a discount available to Bitcoin users.

[KennyR]

As the need for electronic transfer emerged people began to use debit cards and credit cards that were provided by the financial service providers. Right now the same is used as an opportunity to make an added profiting by increasing the transaction fee. By this time bitcoin and the need for Cryptocurrencies need to be taught to the consumers which might gain attention from public who rely completely on visa and mastercards for every transaction.

[eaLiTy]

They operate as a global duopoly. They operate a large chunk of global trade. They are ubiquitous on internet.  And they decide, without consulting anyone or without any justification, to increase their fee.

This is what centralized organizations will always make if they have the power to do. We need alternative means of payment to reduce that power and Bitcoin has to show itself as an alternative.

It is hard to break their dominance and they have the power and money to control and influence any government or organizations, but i am not sure what fees they are planning to increase, either way it will be a burden for the end user, merchant banks could absorb some fees but lets see how this goes, bitcoin as a payment will change everything without a doubt, but we need more development in that aspect as i cannot name one company in this space that provide bitcoin based debit card, eventually it will happen and break every monopoly.

[levyashin]

It is some promising news for crypto i think. They are asking "Up to 2.5 percent of prices for goods and services go to cover card fees" and less than 1/10 of that can be done with some of the new blockchains (bitcoin and ethereum blockchains can't process that many transactions).
"

[LoyceMobile]

Don't like the fees? Don't like the monopoly? Pay cash!

[bp124]

This are  the reason why all this financial entities  are  fight again bitcoin because  MasterCard  & Visa believes bitcoin is big threat to business,  Satoshi Vision is stop all this high transaction fees . as Blockchain technology is  growing i know very soon we will get  Card purposely for crypto  transaction only this is satoshi vision .  MasterCard and Visa are are monopoly so they will always treat customer anymore  by charging us any fees..

[Kakmakr]

Don't like the fees? Don't like the monopoly? Pay cash!

Nope this is definitely not the best solution, because millions of transactions are done online with credit cards and these transactions cannot not be done with cash, because these merchants are spread all over the world.  Cash withdrawal is also very expensive, because Banks are trying to push people not to use cash anymore, so the fees for credit card transactions and cash withdrawal fees will be more or less the same. 

The best solution is for us to motive people <Merchants & Customers> to shift to Bitcoin as a alternative payment option. 

[figmentofmyass]

Visa, Mastercard mull increasing fees for processing transactions: WSJ

Visa Inc and Mastercard Inc, the two biggest U.S. card networks, are preparing to raise certain fees levied on U.S. merchants for processing transactions

They operate as a global duopoly. They operate a large chunk of global trade. They are ubiquitous on internet.  And they decide, without consulting anyone or without any justification, to increase their fee.

a "duopoly" is overstating things a bit. amex actually does higher volume than mastercard (definitely less cardholders though). visa is really in a league of its own.

if visa/mastercard jack up rates at the same time, are there possibly antitrust issues re price fixing?

This is what centralized organizations will always make if they have the power to do. We need alternative means of payment to reduce that power and Bitcoin has to show itself as an alternative.

with bitcoin, other people joining the network and taking up block space will drive your fees up. is that much better than visa?

[CryptopreneurBrainboss]

Don't say there is nothing we can do when actually we can do something. Their customers or we'll Stop using their services. I don't know of the US but we have alternative card Network provides in my country and again we have bitcoin and altcoins so I won't say we're totally hopeless

[squatter]

Don't like the fees? Don't like the monopoly? Pay cash!

It's too bad that merchants socialize the costs induced by credit card users. When I walk into a store, I get the same price whether I pay with cash or credit card. Why would I use cash when I can get cash back rewards for using credit cards? Plus, credit cards give me insurance against dishonorable merchants. I can reverse the payment if needed.

If merchants offered me lower prices to use cash, I'd consider it.

[aoluain]

There is nothing we can do about the card companies increasing their rates
and the general public (a) wont be aware of it and (b) wont care too much.

If people in general do notice and care are they going to move to bitcoin?
im not sure, there is unfortunately only certain things that are available when
using bitcoin. Groceries, fuel and utility bills are not widespread accepting
bitcoin.

[Oasisman]

them increasing fees they take from merchant to process their transactions means merchants have to increase their prices to cover the difference if they don't want to lose money or eat into their profit.

Thats so true, cant blame the merchant for increasing the price, every increase or decrease of price with the product they're selling has its corresponding reasons. Its either the customer will suffer or the merchant in the first place.

[liberox]

Yes, they want to get all they can before they are into the play. Now since they assumed it`s all finished they don`t care about the customers anymore as they will losse them all soon anyway. So they will try to get the max of what they could.

[kucritt]

is this real? wow i think they increasing the fee, many people dont want to use the debitcard every day, and i thin they will find the alternative with other platform and other currency, and we all hope that bitcoin can change the via and mastercard position

[vit05]

Visa, Mastercard mull increasing fees for processing transactions: WSJ

Visa Inc and Mastercard Inc, the two biggest U.S. card networks, are preparing to raise certain fees levied on U.S. merchants for processing transactions

They operate as a global duopoly. They operate a large chunk of global trade. They are ubiquitous on internet.  And they decide, without consulting anyone or without any justification, to increase their fee.

a "duopoly" is overstating things a bit. amex actually does higher volume than mastercard (definitely less cardholders though). visa is really in a league of its own.

if visa/mastercard jack up rates at the same time, are there possibly antitrust issues re price fixing?

"Visa cards generated 54.06% of all purchase transactions on general purpose cards worldwide. Debit cards with the Visa brand continued to account for the most purchase transactions with a share of 34.82%, followed by Visa credit cards with 19.23%.

Mastercard debit cards had a 13.30% share, overtaking Mastercard credit cards with a 12.87% share. UnionPay credit cards had a 7.59% share, and UnionPay debit cards had a 7.32% share. American Express had a 2.81% share, followed by JCB cards with 1.15% and Diners Club/Discover cards with 0.91%".

https://www.paymentscardsandmobile.com/wp-content/uploads/2017/05/Purchase-transactions-on-global-card-networks-2016-1.jpg

UnionPay only works in China. So I think it is possible to say Visa and MasterCard work like a duopoly. I think there is no place in the world that accept credit cards but do not accept Visa or Mastercard.

   https://www.ft.com/content/ad826e32-2ee8-11e9-ba00-0251022932c8

   The biggest card provider is UnionPay, a Chinese financial services firm which accounts for 36 per cent of global card expenditure. It is also the largest international provider of cards, accounting for 44 per cent of cards issued. Visa and Mastercard account for 28 per cent and 16 per cent of global card expenditure respectively.

Mobile payments are also popular in China, with WeChat Pay and Alipay dominating the mobile payment market.

In North America, Latin America and western Europe, Visa has the largest share of card expenditure. In central and eastern Europe, Mastercard is the largest.

People are using more "tap to pay" cards. Bitcoin wallets and mostly cryptocurrencies wallets have this feature almost as a default.