alt Hacker NewsVisaNet & friends make the modern consumer world go round. The fees they extract are a drop in the bucket compared to the economic activity that they enable with their networks. Many businesses simply couldn't exist without something approximating this.
https://investor.visa.com/news/news-details/2016/Visa-Commis...
Replies
9cb14c1ec0 • today at 7:06 PM
Yes. As a merchant it's pretty cool that the money just shows up and I don't have to chase down as much bad debt. The processing costs easily pay for themselves.
The problem is not that the tech is bad, it’s that the industry is a cartel with no viable way to disrupt the established players.