this post was submitted on 24 Jul 2023
190 points (97.5% liked)
Technology
59346 readers
7412 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Honestly, once it reaches critical mass. It will mean the end of PayPal, Venmo et al AND the credit card industry as a whole.
I think between rewards and actual credit, credit cards will probably be fine, but I'm curious if you think this solves for either of these use cases.
Credit card rewards are really not worth it. These programs are largely funded by the fees that are charged to merchants which are ultimately passed on to you at time of purchase.
I would much rather have reduced costs of goods rather than have paltry credit card reward programs.
Ok, but if this new payment model takes over and there are no fees to merchants, I'm very skeptical those savings will be passed on to buyers. I think at this point credit card processing is pretty well priced in.