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VISA and MasterCard want to eliminate competing PIN-based debit purchase systems, gaining the leverage for even greater pricing power out of every single purchase transaction.

Most merchants prefer that customers use a PIN-based debit system because the per-transaction processing fee is about one-half the fee charged by VISA and MasterCard (the "nonprofit" entities). No credit is extended to the customer.

The US is one of the few countries in the industrialized world which lacks a truly nationwide PIN-based debit purchase system as an alternative to the VISA/MasterCard duopoly. Europe and Canada both have lower-cost PIN-based debit purchase systems which are almost universally accepted at merchants, as a viable alternative to VISA/Mastercard.

Make no mistake - VISA and MasterCard behave as a monopoly and seek to gain monopoly-like pricing power as "nonprofit" organizations serving the interests of their for-profit bank members.
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