How it got easier for banks to siphon a portion of transactions once carried out free of charge with little pieces of gold or silver, the end point being your Visa debit card.
I'm also hoping Felix Salmon will comment on this, he has been writing about the evils of signature debit (which can be priced higher in part because it's more prone to fraud), and over-priced transaction processing in general, for years.
Side note: we truly need to stop saying things like “Biden DOJ”. It’s not Biden DOJ, it’s the US DOJ. That kind of speak is one of the many Trumpian tactics used to divide and discredit. I expect it from MAGots, but come on, really? I very much respect and enjoy your writings, but that sort of detail disappoints. For real fam, let’s be/do better.
Matt Stoller had a pretty thorough breakdown of the DoJ case the other day.
https://www.thebignewsletter.com/p/enforcers-move-to-cut-visas-private
I'm also hoping Felix Salmon will comment on this, he has been writing about the evils of signature debit (which can be priced higher in part because it's more prone to fraud), and over-priced transaction processing in general, for years.
Side note: we truly need to stop saying things like “Biden DOJ”. It’s not Biden DOJ, it’s the US DOJ. That kind of speak is one of the many Trumpian tactics used to divide and discredit. I expect it from MAGots, but come on, really? I very much respect and enjoy your writings, but that sort of detail disappoints. For real fam, let’s be/do better.