The Hidden Cost of Electronic Payments

Over the last ten years, consumers have dramatically increased their use of electronic payments, particularly when it comes to credit and debit cards.  In fact, since 2003 debit and credit card purchases in the US have consistently exceeded check and cash payments.  Given the much lower cost of processing electronic payments and the interchange revenue that credit and debit cards generate, banks have welcomed the electronic payment trend, encouraging both businesses and consumers to leave paper behind and enter the world of virtual finances.

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