How do payment processors like MasterCard and Visa compete with each other? Why would I, layperson buying groceries, care?

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I ask why would I care because banks invest heavily in making sure customers know on which circuit their cards operate on. However, most places accept both MasterCard and Visa (and potentially others, depending on the country).

In: Economics

7 Answers

Anonymous 0 Comments

You as a consumer probably doesn’t care…the retailer has to use a payment gateway to process the cards…some are more than others, so the retailers care. Visa, Discover and MasterCard costs them basically the same – amex, pay pal, and ach are different…

Find a card you like and go with it, don’t worry about the ‘follow the money’ half of the transaction.

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