MoneySwitch poised to enter credit card market

Start-up payments processor MoneySwitch said it believed it could cut the cost of processing the average credit card transaction for merchants. Banks charge an average $1.40 on a credit card transaction at the moment. MoneySwitch, which is funded by its executives, believes it can also speed up the processing times at the shop counter, by integrating the payments terminal with the cash register or sales terminal. MoneySwitch has a licence to offer credit card services, but will not offer credit cards to consumers, and instead will concentrate on processing payments for merchants.