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The benefit to the merchants is clear: They would save the swipe fees they pay to the credit card companies now, which average about two percent of the cost of transactions.

Wouldn’t consumers benefit as well from reduced transaction costs? A service that cuts out Visa, Mastercard, and Amex, sounds like a step forward to me assuming they address privacy and data security as well. In the newer systems, apparently Apple and Google add an additional transaction fee, which kicks back to Apple and Google respectively. As far as security and privacy go, I trust my bank better than I do a company like Apple, which clearly has a thing to two to learn about data security and privacy.

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