Cash is messy. A carrier would need a sizable wallet or purse to store all the bills and coins accumulated after just a few transactions. You would have to count and accumulate individual receipts, bills and pennies to keep track of how much is actually going in and out of your wallet. In addition, handling cash is unhygienic due to all its possible whereabouts from being in circulation. Visa Inc. and MasterCard Inc. entered the picture in the 1960s, monopolizing the physical world of payment by provision of clean and personal debit/credit cards for all, enabling full control and monitoring of funds. PayPal Holdings Inc. came in later as a company operating a worldwide online payment mediator. PayPal operates as a payment processor for online commercial users providing benefits such as one-click transactions and password memory.
Today, both command market share and use their market positioning to maintain a high price for processing. Visa and MasterCard charge a fee of 2.2% to 2.6% for domestic transactions and 2.9% excluding fixed fees and transactions failure fees, for international transactions. PayPal charges 2.4% for domestic transactions and 3.4% excluding fixed fees, for international transactions. There is an additional customer expense for non-present transactions and chargebacks.
Cryptocurrencies are cost efficient by comparison. This creates a major advantage against other payment processors. Both, domestic and international crypto transaction fees are under 1%, without the additional expense of non-present transactions and chargebacks. Bank transaction fees in the global market are estimated to be approximately US$320BN per annum. $250BN could be cost cut if crypto replace payment mediators. This indicates a considerable market opportunity once the market matures.
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