The debit card is about to disappear: what should bank customers prepare for now?

This has many advantages for customers. The new debit cards make it much easier to pay online and abroad. With the conventional EC card, you still encounter limitations here.

But there are also disadvantages. Visa and Mastercard have very high market power. This allows them to charge very high transaction fees. For merchants, the costs are sometimes up to four times higher than with the Girocard.

Consumer advocates are therefore calling for a European system to counterbalance American suppliers. However, the work on this is apparently difficult and the first financial institutions like Commerzbank are already withdrawing. In addition, a legal fee cap could be useful.

Source link