Our successor to This Week in the Guardian, This Week in the New Normal is our weekly chart of the progress of autocracy, authoritarianism and economic restructuring around the world. 1. Cashless & cardless society? Yahoo News reports that soon we may be able to “pay with a smile”. The cashless society has been on …
Giant Chinese tech companies have bypassed credit cards and banks to create their own low-cost digital payment systems.
The US credit card system siphons off excessive amounts of money from merchants, who must raise their prices to cover this charge. In a typical $100 credit card purchase, only $97.25 goes to the seller. The rest goes to banks and processors. But who can compete with Visa and MasterCard?
Giant Chinese tech companies have bypassed credit cards and banks to create their own low-cost digital payment systems. The US credit card system siphons off excessive amounts of money from merchants, who must raise their prices to cover this charge. In a typical $100 credit card purchase, only $97.25 goes to the seller. The rest […]
