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A community dedicated to buying Canadian products.

Une communauté dédiée à l'achat de produits Canadiens.

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Let's stop dicking around and talk about ditching something big: Visa and Mastercard (lemmy.ca)

submitted 1 day ago* (last edited 1 day ago) by [email protected] to c/[email protected]

138 comments fedilink hide all child comments

Visa and Mastercard are American companies, and they essentially tax everybody by taking a percentage of purchase prices for themselves. Not exactly a small percentage either, 1.2% to 2.65%. Ever wonder why so many merchants say they don't accept American Express? That's because they charge quite a bit more to merchantes, 50% more than Visa or Mastercard. Anyway, we're letting American companies tax us and we love them because we get rewards when we use cards. But it's just a shell game because we pay more up front because businesses need to charge more to make up for payment processing charges. They get to sit in the middle and rake in the money.

Now the alternative in Canada is Interac. Interac charges a set amount per transcation. How much? 2 to 5.5 cents. Unless you're going through Apple or Google Pay, and then it's a percentage again.

Interac is also Canadian.

Want to stick it to Trump? Stop using credit cards (and Google Pay or Apple Pay) and switch to Interac. Want to make Canada better? Stop using credit cards and switch to Interac. Is it going to be inconvenient? Yes. Online shopping will be much harder but I have seen online Interac payments before and we can ask our favourite Canadian merchants to accept Interac online.

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[–] [email protected] 3 points 1 day ago (1 children)

I think this is spoken from the point of view of an American? Canada can't nationalize American companies...

Canada could however fund its own federal credit system to compete and add a big fat tariff on MC and Visa tx's if they wanted to force people to adopt it rapidly.

[–] [email protected] 4 points 1 day ago (1 children)

I have a terrible habit of forgetting which community I'm in.

[–] [email protected] 3 points 1 day ago

That’s alright haha. But I agree that every country should have their own national card system like Interact here in Canada