The Perverse Competition of Late Stage Capitalism

Debit cards are very handy. In the US, when you use a debit card you can choose to sign for it or enter a four-digit PIN. In either case, the person you are paying must pay a percentage to the debit card company. Turns out that accepting a signature costs the seller more than accepting the PIN. VISA, however, has waged a years-long campaign to ensure they get more money, through various nefarious plans detailed in this article from The New York Times

 begin quote  “A dollar is no longer a dollar in this country,” said Mallory Duncan, senior vice president of the National Retail Federation, a trade association. “It’s a Visa dollar. It’s only worth 99 cents because they take a piece of every one.” quote ends 

Yet another way that bricks-and-mortar stores are on an unequal footing with internet merchants.

Why do I care? Because the businesses in my town hire my friends and neighbors and pay local taxes for local services.

That is all.

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