Payments News

With Merchant Fees in Sight, a Blockchain-Based Credit Card Promises Lower Acceptance Costs

Mar 25, 2019

Thirty-five merchants in the Silicon Valley area are accepting the new Yosemite Card, which caps acceptance fees at 0.3%. The private credit card can do that because it uses blockchain technology to manage transactions. Typical discount rates for network-branded credit cards range from 2% to 3% or more.

Palo Alto, Calif.-based Yosemite X Inc. launched the card Friday and says the card is available now to individuals with a Stanford University email address. Once approved for a Yosemite Card credit line—that decision is made internally at Yosemite and not reported to credit bureaus—users download the Yosemite Card app for an iOS or Android device. Consumers pay no fees for the account. Neither credit score nor credit history is a factor in the credit applications, the company says.

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