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The costs must not be too onerous, they say, because merchant acceptance has doubled in the last decade.
The first revolving-credit card with universal merchant acceptance was the BankAmeriCard, originally issued in 1958 by Bank of America.
"They have made sure to have complete ubiquity in their merchant acceptance network," said David Robertson, publisher of The Nilson Report, a trade publication.
The protocol would be used as an invisible and embedded means of transaction (with merchant acceptance deemed as standard), where the consumer technology instantly acquires a bitcoin with which to settle – transforming it, in effect, into the elegant rails over which the payment glides.
"You have to remember, all new payment types start with merchant acceptance.
Merchant acceptance is an important benchmark to track Bitcoin's progress everywhere, and India lags on that front currently," he said.
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As noted, inter alia, by Whitesell (1992) and Amromin and Chakravorti (2009), the choice of a payment instrument for consumption purposes (and, hence, the demand for currency) is highly dependent on merchant's acceptance.
"Over the next three years, MobiKwik has targeted having 150 million users and 500,000 merchants, and the introduction of our various technologies is expected to enhance their value proposition and differentiation to users, online and offline merchants, increase acceptance, and accelerate growth," he added.
These fees particularly affect acquirer volumes as they are charged by acquirer banks on merchants for each transaction at the POS and, therefore, may affect acceptance- and, indirectly, issuer volumes as they depend on the number of merchants accepting the issuers' cards.
Like several other companies including Radial, Signifyd and Riskified, Forter ties into merchant's card acceptance and gives yes/no answers on transactions.
These mostly assume that you are not doing your own bitcoin mining but instead want to offer your goods and services in exchange for BTC, a process that would be as familiar to the average merchant as the acceptance of Paypal.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com