When Bitcoin supporters praise their favorite currency, one of the great attributes everyone discusses is the network’s low fees, paling in comparison to the major credit card companies such as Mastercard and Visa. Now, with Walmart dropping support for Visa in Canadian stores due to high fees, bitcoin could have a chance to shine.
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Walmart and Many Companies Could Save Millions
Along with many major merchants across the globe, cryptocurrency supporters would love to see a company like Walmart adopt Bitcoin.
Bitcoin fees are extremely low and typically are less than 1 percent of a transaction, whether it’s a couple of dollars sent or a million dollar transaction.
Average credit card processing fees can be upwards of 1.95 to 5 percent. The average cost for card-not-present businesses can be roughly 3% for online operations. These estimates don’t include annual membership costs and other hidden fees.
The retail giant has 405 stores in Canada, and this move will probably be quite a blow to Visa. A spokeswoman from the retail store stated: