How Visa Corners The Debit Card Market With Fees

Debit cards are such an routine part of commerce these days that we seldom reflect on them. For most consumers, the 2-3 seconds it takes to swipe is about the only time they pay their debit card any mind at all. However, a recent New York Times article reveals that Visa spends more time thinking about debit transactions than anyone — and for good reason. Depending on how we swipe, Visa stands to gain or lose a astronomical amount of money in fees. So much, in fact, that retailers like Costco to Walmart restrict how you use your debit card whenever you buy something. Because so much of this happens behind closed doors, Billshrink decided it was important to sum up the Times’ findings for our readers.

(more…)