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Tuesday, November 11, 2014 11:32:17 PM
The cards the banks currently use are not made for free. If we assume that they cost $25.00 each to produce then the cost of handing out non SMME cards is $12.5 billion per annum based on the OP's figures.
Yes, according to the figures originally posted there is still an additional cost if the banks go to SMME of $12.5 billion over the cost of non SMME cards. And yes, that additional cost is still more than the $11 billion the banks are purported to be losing in fraud. But we are now down to $1 billion in difference between the cost of switching to SMME cards and the value of fraud to the banks.
Now the above are rubbery figures. I have run with the OP's figures for card issuance and fraud figures which he has apparently taken off one of our "Press Releases" which may or may not be 100% accurate. My figure of $25.00 for a non SMME card is purely an estimate and may be up or down from the actual. End result is a minimal increase/saving if the banks go to SMME cards depending on the vagaries of the figures above. That's not a consequential difference anymore.
What the OP's argument doesn't allow for is that the banks are not the only ones in the equation and their actions are going to be driven by their customers.
Yes, the banks issue the cards, but Visa, Master, and all the banks are in competition with one another to get the consumers business. If one of them comes out with a card that is markedly safer for the consumer and markets it as such then consumers will switch to the bank with the better card, and the other banks will be forced to follow or lose business.
OBP.
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