Unlike Visa And Mastercard, Bitcoin Nor Cryptocurrencies Won’t Look To Increase Transaction Fees
It’s 2019 and major credit card companies Visa and Mastercard are already looking to increase their fees. The increase may impact interchange fees first, which applies to merchant payments to banks when they accept credit card transactions.
Thereafter, it may just be the case that processing payments will increase as well for consumers. The increases are poised to occur in April 2019.
The justification for the fee increases, as put forth by the credit card companies, are security measures against fraud and theft. This is questionable, since others believe that the fees are just ways to increase the companies’ already massive net incomes. For example, in Q4 of 2018, Visa’s net income increased from $2.85 billion by 33%. Mastercard experienced a similar increase.
On the other hand, cryptocurrencies don’t seem to be increasing their transaction fees. In fact, the space is trying to reduce fees.