Visa CEO Ready to Slap PayPal with Digital Wallet Fee
March 21, 2013 1:08 PM
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PayPal will undoubtedly pass new fees on to its customers
One thing every user of PayPal is certainly familiar with its fees. It now looks as though the company famous for its user fees will have the tables turned. Visa CEO Charlie Scharf recently suggested that the credit card company could impose a fee on digital wallet operators such as PayPal.
MasterCard has already announced it plans to charge a fee to digital wallet operators starting in June. Fears that other major credit card operators could start charging PayPal fees for transactions have hurt PayPal shares. PayPal currently pays standard credit card fees to Visa and MasterCard, as well as American Express. These fees are paid whenever a PayPal purchase is made with a credit card bearing one of the companies’ logos.
The new fees that are being considered are in addition to these standard credit card fees.
During the Barclays Emerging Payments Forum this week, Scharf said, "I think it is totally appropriate to do that."
PayPal has been making a big push into the retail market allowing users to pay for items in stores using their PayPal account. Some analysts believe that as a payment option in physical stores PayPal could be a threat to major credit card networks such as MasterCard, Visa, and American Express.
that it was reducing its fees in an effort to better compete with Amazon.com. While PayPal has yet to announce a fee increase, if PayPal begins getting charged more for transactions it would undoubtedly raise fees for customers.
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3/21/2013 8:08:02 PM
It doesn't matter if it applies to Google Wallet as Visa (and MasterCard) have their own digital wallets. So since they won't be charging themselves an extra fee, they can't charge others.
"Google fired a shot heard 'round the world, and now a second American company has answered the call to defend the rights of the Chinese people." -- Rep. Christopher H. Smith (R-N.J.)
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