[arrel]

It seems like a lot of people are defending credit card pricing, but the idea that they’ve been charging the same % since before the internet and are still absorbing the same “cost” of fraud protection is absurd.

I would love Stripe to start advocating for lowering credit card fees, either through regulation or providing more avenues for competition.

[C1sc0cat]

Be careful what you wish for the EU mandated reduced fees - the backs just stopped doing cashback cost me almost £20 a month.

Of course the reduced savings where not passed on to the end consumer

[alisonkisk]

That working as intended. Now vendors can lower prices for all users instead of being held hostage by credit card banks/processors/users taking money from cash/debit users to divide among themselves.

[C1sc0cat]

No they took it for themselves

[cycrutchfield]

It’s too late. Much of that extra savings on fraud protection has already been funneled back to the card owner in the form of cash back or reward points. Not a whole lot can be done to break that unless the government comes in and legislates something as they do in Europe.

[C1sc0cat]

The benefit went entirely to the merchant the consumer lost out in the EU

[alisonkisk]

If your merchants are charging monopoly prices then you need antitrust enforcement.

[lumost]

There are many costs that remain stubbornly fixed as a portion of GDP (Ads has been 2% of GDP for > 100 years). Fraud as an industry, and corresponding fraud protection services likely fall under this umbrella barring substantial technological innovation.

[megablast]

Has the internet decreased or increased fraud.