New answers tagged

3 votes

Is money being spent globally being reduced by going cashless?

There is a grain of truth in the statement: transaction fees are harmful to the economy and in an ideal world we'd have zero fees for sending money between any two people/companies in the world. This ...
  • 9,257
15 votes

Is money being spent globally being reduced by going cashless?

If you consider realistic fees for card payments and cash payments and include the cost for the time spent on handling the various payment options, and a large proportion of card payments are ...
  • 17.6k
43 votes
Accepted

Is money being spent globally being reduced by going cashless?

I'm assuming the $ in the question refers to US Dollars, so have tried to find US sources, although the principles apply in all markets. Does 3% of your payment go to fees? Possibly, although this is ...
  • 7,496
19 votes

Is money being spent globally being reduced by going cashless?

The 3% fee is the cost for the retailer to let the bank handle the transaction. This fee goes to the bank, but does not just disappear: It will be distributed between employees, shareholders, and ...
  • 199

Top 50 recent answers are included