All of the folks who insist on using "paywave" either with a card or on their phone are mostly unaware that they are paying 1.9% on av. to the banks for this convenience. It does not show on the receipts in most instances because the charge is to the business. Even inserting their card in the device and dialing in a PIN triggers a 1.2% charge. Ultimately it is the shopper who pays for it.
They have calculated that the total of all the abovementioned charges cost consumers in xs of $4B/yr. Aust. wide.
No wonder banks would be happy to be rid of cash! I'll be using cash for as long as I can but I know I'll be in a minority.
WOW...radical thought...stick to RETAILING, page-388
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