It takes ~8 seconds to fish out the card, insert it, wait for approval, and replace it in the wallet. Roughly similar time frame for unlocking your phone and approving the NFC transaction.
It takes ~15 seconds to fish out a C-note, insert it into the self-checkout bill accepter, retrieve the change, and put the change into my wallet.
Delta of 7 seconds.
Let's say you're a typical tech worker, and your time is worth on the order of $120/hr. 7 seconds is 23 cents to you.
Let's further assume you just paid 23 cents to buy $80 worth of groceries as a non-convenience fee so the data brokers and/or the Feds don't know your precise shopping habits.
You just paid a 0.3% "transaction fee" for your privacy. The Visa network takes on the order of 2+% to DESTROY your privacy. You're getting a really raw deal here, by choosing this "convenience".
The delta is even greater - due to covid most credit/debit card payments were contactless (from [1] 60% in general, 73%+ at bars/restaurants) - I'll assume it will take awhile for contactless payments to drop back down to pre-COVID levels, if they ever do.
For contactless payments, I can see payment taking less than 5 seconds total. In Canada, probably spend more time dealing with tip/receipt screens than the time required to perform the contactless payment.
> You just paid a 0.3% "transaction fee" for your privacy. The Visa network takes on the order of 2+% to DESTROY your privacy. You're getting a really raw deal here.
I assume it is not the case in Sweden or most of Europe. Here in Belgium, the fees are maximum 5 cent or 0,2% whichever is lowest (apparently, to be lowered to 0,1%).
It's a bit higher in France at 0,2% + up to 1% or so bank fees depending on the shop's bank, but that's still lower than anything I'm reading in this thread.
So at least here in Belgium it's cheaper for me to use a card, according to your calculation. Which doesn't take into account what I must do with the change, as I can't always just use a new note and sometimes I'll have to count and use that change. I also have to go out of my way to find an ATM.
I've actually timed this.
It takes ~8 seconds to fish out the card, insert it, wait for approval, and replace it in the wallet. Roughly similar time frame for unlocking your phone and approving the NFC transaction.
It takes ~15 seconds to fish out a C-note, insert it into the self-checkout bill accepter, retrieve the change, and put the change into my wallet.
Delta of 7 seconds.
Let's say you're a typical tech worker, and your time is worth on the order of $120/hr. 7 seconds is 23 cents to you.
Let's further assume you just paid 23 cents to buy $80 worth of groceries as a non-convenience fee so the data brokers and/or the Feds don't know your precise shopping habits.
You just paid a 0.3% "transaction fee" for your privacy. The Visa network takes on the order of 2+% to DESTROY your privacy. You're getting a really raw deal here, by choosing this "convenience".