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Mr Kroger signed an interbank commission which prohibits Visa card transactions.
Mr Kroger has lifted his threats to stop Visa card acceptance as the climax of a controversy over the exchange fees that merchants charge to card schemes for each transactions they complete. When it was unveiled at the end of last week, the prohibition tapped Visa and its competitors' stakes, worried that other disappointed businesses might be following Kroger's lead in trying to combat what they see as high exchange fees.
Although challenger companies such as Alipay, Apple Pay and PayPal are intervening in their respective market, the established pay network has attracted investor groups who continue to believe they will profit from a transition away from the use of money and towards making electronic purchases. The Kroger dispute shows that Visa and Mastercard clients - both merchant acceptors and card issuers - are reducing cost.
EU's Second Payment Services Directive - PSD2 - makes it easy for third party payers to make payment directly from customers' banking books, circumventing card companies' network. However, while businesses such as the Swedish Trustly, which specializes in making payment via card schemes, have gained a firm foothold across some marketplaces, Nelsen said that the size of the incumbent groups would make them difficult to beaten.
Visas itself works with 46 million dealers worldwide. "Nelsen said this connection is difficult to replicate," and added that Visa did not take the competitors "lightly" and "did everything we can" to ensure that Visa remained a premium payment option. The latest experiences in China show that consumer lifestyles can quickly evolve as the state-supported China UnionPay debit card system loses Alipay and WeChat Pay in its home country.
Nevertheless, he was skeptical that the domination of Visa and Mastercard would soon end, given the groups' investment in the improvement of service and the entrenched behaviour of customers. Mastercard's 700m pound acquisition of Vocalink is one of the most prominent reactions to possible changes in the industry and Mastercard is also involved in deals that circumvent its card family.