Apple and Google Back eftpos to Tackle Payment Costs
Apple and Google's Strategic Move to Reduce Payment Costs
In a significant development, Apple and Google are backing eftpos to tackle the high costs associated with payment processing. The implementation of least-cost routing for new cards will empower merchants by providing them with a method to bypass traditional payment giants like Visa and Mastercard, thereby reducing their transaction fees.
Benefits of Least-Cost Routing
- Cost Reduction: Merchants can save on fees.
- Increased Options: More flexibility in choosing payment networks.
Impact on the Financial Ecosystem
The integration of eftpos into mobile payments heralds a shift in the payment landscape. With Apple and Google's support, merchants can look forward to lower costs and improved competitiveness.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.