Visa's excessive fees and injustice can not go unchecked, Kroger

Kroger, one of the largest grocery chains in the United States, has nothing to envy to Visa's excessive transaction fees.

The Smith & # 39; s Food & Drug Stores will join the Foods Co. Supermarkets brand to not accept Visa credit cards as a method of payment starting April 3rd. This means that the boycott is now expanding to 142 supermarkets and 108 fuel distribution centers in seven US states.

"Visa is abusing its position and has long imposed excessive fees on retailers," said Mike Schlotman, executive vice president and chief financial officer of Kroger. "They hide from customers what Visa and its banks are asking retailers to accept Visa credit cards. At Smith's, Visa credit card fees are higher than any other brand of credit card accepted. The excessive fees and injustice of Visa can not continue to be controlled. "

Although no other brand is currently affected by this announcement, Kroger said that she "continues to explore options to reduce the costs associated with accepting credit cards so to keep prices low for customers. "

Visa has not responded to our request for comment.

Enter crypto

Kroger's big booth did not go unnoticed in the crypto space. Anthony Pompliano, founder and partner of Morgan Creek Digital, suggested that the reseller connect to the Lightning network.

He then added, "I just connected to the Kroger Digital product team. Twitter is amazing.

"There are some cryptography enthusiasts who work at Kroger and they would very much like us all to succeed with some sort of implementation. Stay tuned, he added.

Visa responds

A Visa spokesperson told Coin Rivet, "Cardholders are our number one priority. Our goal is to ensure that each cardholder can use his Visa card where he wants to make his purchases. When the choice of the consumer is limited, nobody wins. The Visa network offers merchants considerable value, including access to more customers, increased sales, security and fraud protection, a fast and convenient payment experience, and innovations and implementation. ongoing work of the latest technologies. Kroger benefits from all these advantages, and these services come at a cost, like any other.

It is unfair and disappointing that Kroger places buyers in the middle of a business dispute. We have put forward a number of solutions to allow our cardholders to continue to use their favorite Visa credit cards at Foods Co. and Smith's without the restrictions imposed by Kroger, and we continue to work in search of a solution. Visa debit cards and prepaid cards continue to be accepted at all Kroger stores, including Foods Co. and Smith's. "

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