WAL-MART abandoned VISA credit card, proof of bitcoin low cost potential
When bitcoin supporters praised his love of money, they and other such as MasterCard or visa for comparison, one we are discussing the attribute of bitcoin is the network of low cost. Australia now WAL-MART store because of high costs and no longer support the visa card, this may be a chance of bitcoin.
WAL-MART and many companies can save millions of dollars
Many businessmen around the world, WAL-MART uses encryption currency bitcoin supporters will see very love.
Bitcoin transaction cost is very low, whether it is a few dollars of transactions or millions of dollars in transactions, the transaction is usually less than 1%.
The average cost of credit card payment can be as high as 1.95%~5%, the online transaction costs of approximately 3%. This cost estimate does not include the annual membership fees and other hidden costs.
The retail giant WAL-MART has 405 stores in Australia, this move is a huge blow to visa credit card. A spokeswoman for the retail store said:
“We are constantly trying to reduce our operating costs, including the cost of credit card. But unfortunately, WAL-MART failed to reach an agreement on visa and transaction costs.”
If WAL-MART can accept bitcoin, this is a great opportunity for them, they can save millions of dollars.
Another powerful attribute encryption currency can give companies is to reduce the financial pressure from the refund, because when using the bitcoin network it is very difficult. 70% of the fraud from the refund service in 2015, traders lost $11 billion 200 million.
The use of bitcoin can solve these outrageous fraud, save the company’s income. Cryptocurrencies supporters have said the problem for many years, they believe that WAL-MART, Taghit is a big company of these can make them profitable technology investment.
A VISA spokesman said: “we are very disappointed that WAL-MART only focus on their own financial interests, while ignoring the customer choice.”
According to Nelson’s report, VISA credit card 5060w in circulation, the transaction amount reached $232 billion last year. This means that the businessmen in the world to the third party payment costs tens of millions of dollars, this value may also be more.
Most likely, WAL-MART in the future will not accept bitcoin. But if so, WAL-MART must consider to millions of dollars and refund now from its windows fly.