Visa predicts cashless society
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The payment card company Visa Europe has predicted that society could be relying on credit and debit cards by 2012, as they are cheaper and more convenient than paying with cash, and cost retailers less to process. The British Retail Consortium (BRC), however, says that card processing fees are still too high to justify such a forecast. One member of the BRC said that it is estimated that the interchange fee paid by retailers is around GB£ 0.04 (US$ 0.08 EUR 0.06) per transaction. Tesco's treasurer Nick Mourant said that Mastercard and Visa set anti-competitive fees and had a duopoly in the UK.
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