Reply to post: Re: Extinct in ten years?

50th anniversary of the ATM opens debate about mobile payments

G Mac

Re: Extinct in ten years?

In the US it is a law (put through by the credit card industry via bribes to politicians) that a merchant cannot discount payments made in cash. So its cash only or everything is the same price no matter the payment method.

Apparently it was 'designed' to encourage use of credit cards. I will believe the hype of a cashless society when they remove that restriction so folks can choose the method of payment based on the transaction fee.

No doubt some will say there is a cost for maintaining a cash float by the merchant - fine by me if that cost gets passed through. Want I don't want is opaque fees that I cannot compare.

And you can bet your sweet bippy that when no choice is to be had (aka cashless) those fees will only go up.

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