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To: Freelance Warrior

Two days of VISA/Master Card transactions in Russia equal three billion? There’s some funny math here, or awful high traveling costs being charged.


2 posted on 04/28/2014 11:26:54 PM PDT by pepsionice
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To: pepsionice
Two days of VISA/Master Card transactions in Russia equal three billion? There’s some funny math here, or awful high traveling costs being charged.

That's not about the processing charge, but about the total 2-day transactions' turnover. From the article:

Visa and MasterCard together processed $1.9 billion per day last year.

3 posted on 04/28/2014 11:36:32 PM PDT by Freelance Warrior (A Russian.)
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To: pepsionice
Two days of VISA/Master Card transactions in Russia equal three billion? There’s some funny math here, or awful high traveling costs being charged.

Visa processes about 60 percent of payments in a market that saw transactions worth $740 billion last year.

740 / 365.25 * 2 = 4.052 billion. The math is correct.

If you are wondering what this money pays for, I guess they are talking about the internal market, where a Russian citizen buys groceries with a Visa credit card. It's not just foreign travel; that would be just a million or two per day.

5 posted on 04/28/2014 11:40:20 PM PDT by Greysard
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