Do Not Expect Durbin Amendment 2.0 to Work for Credit https://buff.ly/3BLFn4g
“While issuers have lost billions in revenue, the costs of accepting debit cards have not gone down for many merchants in the survey, and for some merchants, the costs have even increased”
“Durbin 2.0 will not work…. Banks will lose. Most merchants will not gain. And, the consumer credit holder will feel the pain in the long run as banks contract lending because legislators failed to pay heed to the dynamics of consumer credit.”
Surely if legislators want to reduce costs, they need to introduce more competition. But what could the competition to cards be? Well, there’s open banking, instant payments and digital currency right around the corner…
Snippings 