Canada needs its own credit card payment method.
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Mine has no fee and I pay it completely every month so no interest. It’s a good place to be. Just perks for purchasing.
Still paying more for goods then we should be.
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How about accepting Bitcoin?
It won’t even increase the money supply when you do something as benign as buying some good at the super market.
Too speculative. Too unstable in value.
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Not just Canada. It’s almost the entire world. Many Asian countries rely on Alipay, the rest of the world is under the control of US payment systems. Even in European countries the UK based Maistro has been replaced for Visa or Mastercard.
I know. It’s ridiculous.
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it’s not the kickback, it’s giving access to my bank account that I’m trying to avoid by using a credit card as a middle man
Yeah, having someone bigger on your side when a purchase goes sideways is a big perk.
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The US have a monopoly on credit card payments with Visa, Mastercard, American Express, Diners Club, etc.
Even with online payment systems like PayPal, GPay, Apple Pay.
The only Canadian option that I know of is the new Shop Pay, which is owned by Shopify. (And we all know the founder CEO, Tobias Lutke is a far-right fascist traitor who loves the idea of being a 51st state.)
Right now Visa and Mastercard are controlling what stores can sell, and what services can be provided. Censoring online content, like asking Steam and Itch.io to remove certain games.
What are examples of alternatives in other countries? I know that Japan, for example, has their own independent ones, I think?
Do you think they might be refused by American companies in order to keep their monopoly?
I’d like to know what you think.
Interac needs to enter the credit card market.
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Too speculative. Too unstable in value.
The housing bubble is fueled by QE, the BoC buying half of all mortgage bonds, and cheap mortgage debt.
The entire system is already a ponzi scheme. We made cantillionaires out of home owners as we lead to crisis levels in productive investment.
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Not just Canada. It’s almost the entire world. Many Asian countries rely on Alipay, the rest of the world is under the control of US payment systems. Even in European countries the UK based Maistro has been replaced for Visa or Mastercard.
Maestro you mean?
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Still paying more for goods then we should be.
Yep, it’s a shitty system, but most people’s finances are tight enough that they don’t want to give up that 1-3%(plus other perks) just on principle. Good example though of how those with the lowest income won’t qualify for a credit card but still pay the fees baked into store prices while those with the highest incomes qualify for the cards with the best befits.
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The problem is there’s no incentive to use it, as you don’t get the kickback your credit card provides. I’m not sure how the CC duopoly tricked us into disallowing retailer cash/debit discounting.
Simple. Part of the merchant agreement with someone like MC or Visa is that you’ll pay them 3%, but not tack it on as a visible fee for the purchaser, or offer discounts for non CC transactions. So a merchant could do so, but they run the risk of the CC company terminating their agreement and perhaps suing them.
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Interac needs to enter the credit card market.
I agree. But to manage the payment cycle, fraud, and chargeback processes, they’d need to partner with the big banks who already partner with the legacy CC companies. I would expect that those companies would push back hard.
