Interac would be enough if financial institutions didn’t charge so much for transactions. Meanwhile, credit card companies are giving you money every time you make a transaction with their cards.
It seems like the transaction is free to us mostly because they are charging the merchant high premiums(which the merchant uses to jack up prices for everyone regardless of payment type). I agree on the overall charge levels being too high but If we got a larger number of overall transactions on the interac network I’m sure the prices would drop with volume. I look at what Brazil has done with there payment network and how much it’s annoyed the US, and it makes me think that they have a part of the solution there.
Interac would be enough if financial institutions didn’t charge so much for transactions. Meanwhile, credit card companies are giving you money every time you make a transaction with their cards.
It seems like the transaction is free to us mostly because they are charging the merchant high premiums(which the merchant uses to jack up prices for everyone regardless of payment type). I agree on the overall charge levels being too high but If we got a larger number of overall transactions on the interac network I’m sure the prices would drop with volume. I look at what Brazil has done with there payment network and how much it’s annoyed the US, and it makes me think that they have a part of the solution there.