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Why the banks want a cashless society (lemmy.world)
submitted 3 months ago by [M] to c/latestagecapitalism@lemmy.world
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[–] 5 points 3 months ago (4 children)

Does nobody use debit FFS? Card-based, zero fees. Don't act like there's only two options.

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  • [–] 9 points 3 months ago (1 child)

    There are still fees for the retailer, and on lower cost purchases, the fees tend to be higher. That's why stores often have a $5 minimum for cards. They don't want people buying a pack of gum with their debit card, and end up costing them more than the meager profit.

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  • [–] 2 points 3 months ago (1 child)

    That’s why stores often have a $5 minimum for cards.

    no, it's a percentage of total monthly transactions. The $5 minimum is a bullshit excuse to make you buy more.

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  • [–] 1 point 3 months ago

    The fees on CREDIT cards are confusing, with the percentage changing based on volume, etc. I once found a really good explanation online, and it made perfect sense for about 15 minutes, and then it faded again.

    Debit cards usually have a fixed fee per transaction, as well as a percentage based on volume. Credit cards don't have that fixed fee, just a percentage of the total, so they don't care if you use it on a small purchase.

    But if the fixed fee is 50 cents, and you buy something that is 50 cents, they literally lost money. Even in a case where the item is 2 or 3 dollars, that 50 cent charge is a big hit to the profit. Do that 100 times a day on things like cans of soda and candy bars, and much of your profit on those items gets eaten by the fees, and those things are a BIG part of the profit for something like a convenience store.

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  • [–] 4 points 3 months ago

    In the states the machines to process debt are far more expensive than credit, and all of the services I looked into using had a monthly subscription... on top of the fees to take debit. While the fee schedule was less than credit, it was not zero.

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  • [–] 1 point 3 months ago (1 child)

    Erm... Pretend like I don't know what that is.

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  • [–] 5 points 3 months ago (4 children)

    You use your bank card to use money in your bank account (or credit union account) to pay for things at the point of sale. Insert or tap the card, and pay for things.

    Is that seriously not a thing elsewhere??

    We also have built-in money transfers, where we can directly pay for things by electronic transfer. No need for any of those 3rd party apps you hear about.

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  • [–] 1 point 3 months ago (2 children)

    INTERAC? Canadian? Orbdoes another country do this.

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