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Credit Card Firms Go For Small Payments

Robin Sidel reports for the Wall St. Journal on how credit card issuers are now pursuing the market for smaller payments less than $5.

Many small transactions still are cash-based, making card companies salivate at the prospect of turning those payments into plastic. The market for transactions valued at less than $5 accounted for $1.32 trillion in consumer spending in 2003, representing more than 400 billion transactions, according to research by TowerGroup, a unit of MasterCard International Inc. By comparison, Visa processes a total of about $2 trillion of global transactions each year.

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