Why are we all paying a tax to credit card companies?

The American payments system specifically has six fundamental pillars: cash, checks, credit cards, debit cards, wire transfers, and the Automated Clearing House (ACH). They all developed separately, but they also overlap and support each other in fundamental ways. To understand how Visa and Mastercard are raking in so much cash, it’s helpful to get a sense of the underlying infrastructure on which they rely.”

November 16, 2019