Americans (yes both Canadians and people from the states) are shielded from the chaos that happens to process a single transaction. They only see the paltry rewards in the form of 1-2 (maybe 5) cents per dollar charged, which is translated into "points" (1 cent == 100 points is what I have seen with some "premium" cards) and makes it seem worthwhile.
What they don't see is: the 3-5% or more markup of goods across the board (doesn't matter if you pay cash or card, especially for big box stores), the number of charge backs and the costs of dealing with it, fraudulent charges, poor security (places still accept mag stripe in the states), innumerable numbers of middleman to process transactions (bank fees, issuing card fees, network fees, premium card fees, ...)
It's fucking chaos. I hate it.
With FedNow, I am hoping that will change. Eliminate all of these middleman that are siphoning funds from people across the board. Eliminate the parasites. Eliminate the waste.
What they don't see is: the 3-5% or more markup of goods across the board (doesn't matter if you pay cash or card, especially for big box stores), the number of charge backs and the costs of dealing with it, fraudulent charges, poor security (places still accept mag stripe in the states), innumerable numbers of middleman to process transactions (bank fees, issuing card fees, network fees, premium card fees, ...)
It's fucking chaos. I hate it.
With FedNow, I am hoping that will change. Eliminate all of these middleman that are siphoning funds from people across the board. Eliminate the parasites. Eliminate the waste.