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Banks are a cabal, that they needed VISA/MC was merely a need to 'standardise' a transactional network.

The evidence that they are an oligarchy lies in their power to set prices. Which points right to the definition of what a monopoly is.

If such systems were truly competitive, and we had say, 5 completely different systems that were truly competitive, the price would not be a total of 2.5%. The price would be set by the market, not the providers of the service and it would be much, much lower than 2.5%.






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