Good post FreeFromStyle, but as pointed out at the time Senator...

  1. 15,201 Posts.
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    Good post FreeFromStyle, but as pointed out at the time Senator Hawley's remarks directed at Mastercard and Visa were surrounding the high network fees charged by the 2 large companies. Nothing to do with the retail credit fees which are charged by banks as card issuers under licence and are less than 1/3 of the average cost of ZIP fees loaded into merchant prices and paid by ZIP users. As Tradie pointed out, it will be Armageddon when the rules change in Australia and across the US too.

    BNPL may evolve into a way of doing business but it is unlikely to be the result of high fees hidden in vulnerable users' shopping baskets. The Hon PJ Keating would be absolutely disapproving after having gone to such extreme lengths to deregulate financial markets, only to have BNPL operators find a loophole. Added to which, as a champion of the poor, oppressed and vulnerable he has a very dim view. And there is the truth.
    Last edited by Tekvest: 31/12/24
 
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