
MasterCard Makes the Case for Ditching Inefficient, Dirty Cash - evo_9
https://allthingsd.com/20120420/mastercard-makes-the-case-for-ditching-inefficient-dirty-cash/
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bediger4000
Yes, that's great, as we'd end up paying 5 cents per transaction to the
payment processor, and 1.75 to 5% of each transaction (depending on the risk
to MasterCard) to MasterCard or Visa or Discover or AmEx. What effect would
these _vastly increased_ transaction costs do to the economy?

We'd also be surrendering loads of useful demographic and buying habit data,
giving up anonymous transactions, and creating a data store of immense value
to Evil Hackers and the PLA's CyberArmy.

This sounds good at first, like urine-powered batteries, or Digital Rights
Management, but when you think about it for 5 minutes, it's a bad idea.

