Paying for goods with notes and coins could be consigned to history within five years, according to the chief executive of Visa Europe.
Peter Ayliffe said that, by 2012, using credit and debit cards should be cheaper and more convenient than cash.
Some retailers could soon start surcharging customers if they choose to buy products with cash, because of the greater cost of processing these payments, he warned.
Visa Europe briefed the British Retail Consortium last month on new “contactless” cards that can be waved in front of a scanner to make small payments.
However, the consortium dismissed this vision and claimed that card processing fees, which regulators are investigating, are still too high.
One member of the consurtium said that the estimated “interchange” fee charged to retailers amounts to some 4p for each transaction.
Nick Mourant, treasurer at Tesco, said: “There is a duopoly between Mastercard and Visa in the UK. Their setting of fees is anti-competitive.”
5 responses so far ↓
Hamilton // March 13, 2007 at 11:38 pm
According to http://www.unfaircreditcardfees.com, consumers in the US paid $30 billion in interchange fees in just last year alone. Seeing as Visa and Mastercard already have the credit card market cornered, I wouldn’t expect that figure decrease to if they were the ONLY method of payment.
simon lomax // March 15, 2007 at 4:47 pm
The matrix is clearly being built around us and once it’s operational we will be plugged into it forever unless we revolt soon.
GW008 // October 1, 2007 at 2:18 am
Revelations 13:16-18. One more step closer.
Jay // December 4, 2007 at 4:04 pm
I agree with GWoo8, Revelation time is upon us…scary times we live in.
Smokie // June 10, 2008 at 3:59 pm
Yup the worst parts of the bible come true. But the worst is yet to come. There will be a RFID chips/implants. Every thing we do from purchases to where we have been will be archived, money will be stored on it. If we misbehave or oppose to this all they have to do is turn off our chip…its already in progress bush has signed an agreement with the consent of congress and its people which will make Canada, U.S and Mexico ‘One Nation’…the ‘amero’ (i think thats how you spell it) is what we will use as currency. The ultimate goal is to get everyone planted with a RFID chip. The mark it leaves will be known as ‘Mark of the beast’.
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