The Beginning of the End for Credit Card Companies? [business][money][news]
Dump Those Fees
Now in the news, the Kroger Company, which runs one of the largest supermarket chains in the United States, is considering to move away from accepting Visa credit cards at all their retail locations. For now, the company has announced the starting next month, on August 14, 2018 all of their 21 locations in Central and Northern California will stop accepting Visa Credit Card payments (Debits will still work). Kroger operates this chain under the Foods Co. brand of retail supermarkets and gas stations in Central and Northern California.
This seems to be the beginning of the Big Retailer vs. Big Credit Card company Battle For Credit Card Fees. According to the Bloomberg article, they estimate the credit card fee market to be about a $90 - $100 Billion Dollars a year market, and that figures to be in the U.S. alone. Walmart also recent severed ties with Synchrony Financial, a credit card company, when negotiations fell through over the credit card fee rate. Amazon is also looking into entering the financial services, some of it pertaining to possibly saving massive amounts of money on credit card fees by processing their own credit.
Retailers are now looking for ways to add to their bottom line while also saving retail consumers money and possibly in return attracting more sales, all leading to higher revenues for the retailer, savings for the consumer but bad times ahead for all credit card companies. The days of merchants paying 3% of their total credit card sales is going the way of the dodo bird.
Although there was no mention of cryptocurrency of Bitcoin in the article or any of the retailers, this nonetheless bodes well for Bitcoin and all cryptocurrency. Large retail corporations are now starting to realize the massive expensive it is to allow consumers to get themselves into debt at the expense of the retailers. Companies like Overstock.com and Newegg.com were early birds in accepting Bitcoin and other cryptos as form of payment, but now it seems that this scrutiny of credit card fees could finally make some headway for cryptocurrency into the retail world.
Read the full story Here- Bloomberg
Full Steem Ahead!
@streetstyle
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Good morning @streetstyle, what good news, what a great way to start the day thanks to you, I have an EXODUS wallet, here the bitcoin is king, I do not really like credit cards, I usually buy in cash , so it's time to buy, the first thing I'll buy will be a pair of shoes for me, I am a woman, do not judge me by thinking like that, ha ha ha. Well then I will make more important investments.
Happy day:)
Shoe are an important invest for your feet @martha75
Happy shoe hunting.
Hi @streetstyle as paper money creditcard are old ways to surf in the market now we have blockchain technology to improve the system for example i would like to see a coin as cardano working in the future in the pocket of any person i love it because is simple and doesn't consume too much energy. Regards
Excellent news, my friend, at last many companies are beginning to understand, an alternative to the crypto currency in relation to cards and what is better for consumers and sellers in general! Thank you @streetstyle
From the beginning, credit cards offered significant advantages over all forms of money: They’re pocket size, easily portable, relatively secure and have no intrinsic value in themselves. What’s more, true credit cards buy you time to pay your bill, typically with a modest fee attached. It would be effective for the people using credit cards from many time.
Zohaib336 BUT they charge the merchant around a 3% fee, which typically merchants then pass that fee on to the consumer, even if you pay cash.
And then, many of those credit cards charge the consumer like 18% annually or more when they don't pay the bill in 30 days, which keeps many people in debt in a never ending revolving door of debt.
Cryptocurrencies can help eliminate some of these problems.
I think it should be take serious to solve thus issue. I am sure administration will think seriously about it.
I think charges for credit card holder should be reduced.if crypto currency provides more benefits than it should come.because we all,want to live easy life.
Oh yeah @streetstyle, that's great news, because sellers turned to consumers face and if the crypto-currencies take their proper place, then I think almost many sellers will refuse the cards!
Great news, they will surely come to an end.
I await when crypto currency will revolutionize the world and we could see crypto ATM everywhere.
So the battle is the beginning from here and be sure you just avoiding credit card which replaced by crypto in near future.
Wow awersome news.
I have some loan in my credit card so i am free from this loan😂😂😂😂
Beginning time ..
Wow, It'S really Great news.Thanks for sharing with us