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Visa has joined Master Card and American Express in agreeing to withdraw as a payment option from the adult section of Backpage.com—meaning the digital currency Bitcoin will soon be the only way to advertise sex services on the site.
Users must pay a small fee (usually -) to post an ad on the adult page, and earns million in revenue per month from adult services ads alone, according to a spokesman for Dart’s office.
The goal of the campaign is to make it harder for pimps and traffickers to place the ads, by removing the most convenient way to pay that small ad placement fee, forcing them to resort to Bitcoin.
A request for comment from was not immediately returned.
“Backpage has significantly lowered the barrier to entry for would-be sex traffickers, giving them easy access to millions of johns while cloaking them in anonymity and putting all risk on the shoulders of their victims,” Dart said Wednesday in a statement.
American Express has been coasting on its reputation, but it’s time it beefed-up its credit card rewards to keep pace with rivals like Visa and Master Card, according to Nomura Holdings analysts.
Am Ex has long been synonymous with top perks and good customer service.
In recent years, however, other companies have come along with higher-reward cards and left Am Ex in the dust, the report said.Currently, Visa and Master Card issuers JPMorgan Chase and Capital One have the best cards for the rewards, Nomura said.The report, covered by Bloomberg, says it is only a matter of time before savvy consumers catch on, especially in the Internet era where people can “gain increased visibility into the value of their rewards and are intolerant of subpar economics.” More: Read about American Express on the new Fortune 500.Am Ex, which recently ended its partnerships with Costco and Jet Blue, increased its rewards spending 7.3% to .93 billion last year.It also announced expanded perks for its Starwood Hotels & Resorts partnership, as well as more reward benefits for its premier gold cards.However, that may not be enough when new high-value cards like Citi Double Cash and Discover it Miles are hitting the U. market with reward values that are 25% to 80% higher than the previous average.