Cryptocurrencies Could Cut Costs For Retailers, Afterpay Tells Senate

• Afterpay told the Australian Senate that cryptocurrencies could help retailers cut down on costs.
• It also said that the government should “create a framework for an AUD-backed stablecoin.”
• Afterpay emphasized cryptos could also cut fees on traditional payment methods like card issuer and banking fees.

The Australian firm, Afterpay, told the Senate in a submission that cryptos could cut costs for retailers and merchants. The firm said that using blockchain-based transactions would also cut other fees in the common payment methods. This includes card issuer, network operator, as well as banking fees.

Merchants stand to benefit considerably from the cryptocurrency model, as card network fees are entirely removed from the equation and the customer/payer bears the transaction costs.

Afterpay says this crypto model will allow cust…

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