Quote:
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Visa and MasterCard have defended the fee increases, levied mostly on premium cards, saying that they are an essential component of a global system that has provided benefits to consumers and merchants, while covering fraud risks and the cost of float.
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LMAO! Looks like they've been listening to adult industry spin masters with that line!
I was writing an article on chargebacks a few months ago and it got stalled. Somewhere I have stats about how much money gets pushed through VISA globally in a minute. It's astounding.
The other stat laying around someplace is the amount of fraud they compute they get. You'd be astounded at that figure too. It's lower than anyone would imagine.