Pay For Gas With Your Driver's License?
thefadd.
Posted to Diary on Wed Apr 30, 2008 at 05:58:18 PM EST. RSS.
As oil prices increase, gasoline retailers look to cut expenses anywhere they can. A major expense for most gas retailers is credit card processing so a new company is looking to exploit that.
National Payment Card allows consumers to link bank account information to the black magnetic strip on the back of their driver's license. The license can then be swiped at the pump and the costs deducted like an electronic check via ACH, bypassing credit card charges for the retailer.
Some retailers offer different prices for cash and credit (in violation of their Visa/MC agreement). Others like Amoco, only accept cash, charging an extra 35 cents for a debit card transaction. With gas prices relatively high today, has it changed how you pay at the pump?
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