What are these things? Why do banks need to use them?
There is the slogan; “for everything else there’s MasterCard”. As user of cards does this awareness benefit me I’m any way when I don’t have a choice in what card I get as it’s up to my bank?
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They are credit card processors. They provide banks with access to the network of payment terminals that enable you to pay by credit card at stores.
Without them, each bank would need to contract with every individual retail location in order for you to use a credit/debit card.
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