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Why do Europeans use more cash than Americans?

Cash use by country varies enormously. While its use has been falling on both sides of the Atlantic, Europeans use considerably more cash than Americans. Higher taxes and greater tax avoidance, culture, and lower consumer incentives to use electronic payment systems, contribute. The ECB’s “Study on the payments in the euro area 2022” reported that 59% […]

Banks’ customers and shareholders would benefit if they freed themselves from the Dodd-Frank Act’s debit price controls

Capital One is the trailblazer that larger banks like BofA, Chase, and Wells Fargo should follow to move their debit businesses to a freer market enabling enormous value creation for their customers and shareholders. With Capital One’s $35 billion all-stock acquisition of Discover, it will own two national debit networks and thereby free itself from […]

The payments industry needs to toot its own horn

The Cato Institute’s Nicholas Anthony warned that the Biden administration is waging “a war on (payment industry) prices.” The payments industry provides services funded by a range of fees paid by consumers and businesses. Demagogic regulators and politicians pillory industry fees as exploitative, as “junk fees” and “a tax.” These assaults are made in a […]