This has to be changed
Published in
5 min readNov 5, 2022
Electronic money transfer has a long history.
The first known electronic money transfer happened in 1871 through the Western Union under telegram technology.
Interestingly, it was charged 3% of transaction fees.
Fast forward around 151 years later, the credit card processing fee is around 1.5% to 3.5%!
And web2 innovation does not make any significant improvement!
Transaction through online payment services range between 2.5% to 3.5%!
That makes you wonder why it costs so much even after technological innovation.
What makes the transaction so costly? And should technology bring down the cost at all?
