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Seems misleading or at the very least incomplete to blame these fees on "the power of the free market" when the visa / mastercard duopoly exists due to regulati
by voldacar 1y ago
Seems misleading or at the very least incomplete to blame these fees on "the power of the free market" when the visa / mastercard duopoly exists due to regulations making the entry barrier to creating a new card network essentially infinite
- TehCorwiz 1y agoI think that was parent’s point. That the US does not have as free a market.
- randallsquared 1y ago> EU & UK cap it suggests that was not the GP's point.
- IshKebab 1y agoI don't think it's due to regulations. It's just a natural monopoly due to network effects. Any new entrant has to convince hundreds of payment processors and retailers to accept their cards before anyone even has them. Regulations are a trivial barrier compared to that.
- abirch 1y agoAnyone is free to use discover and it works for most merchants in the USA. American Express leverages the fact that most consumers don’t care what the merchant is charged