If Apple’s mobile wallet Apple Pay is successful banks will be the big losers.pdf
Discusses Apple Pay’s prospects and impact on players across the payments value chain and contends to the extent Apple Pay is successful it will capture additional economics from bank issuers and diminish their payments customer relationships.
CBDCs: A Government Solution in Search of a Problem
Four contenders are routinely hyped as poised to disrupt the reigning global payment system: (1) stablecoins backed by fiat currencies—principally dollars, but also gold and other assets, (2) unbacked cryptocurrencies, (3) Central Bank Digital Currencies (CBDCs), and (4) shared ledgers enabling near-instant atomic exchange between national payment systems. They’ve attracted public and private capital, as […]
Read more...Illinois’s Assault on the Payments System: Why the IFPA Fight is Far from Over
Judge Virginia Kendall’s February 10th, 2026 decision upheld Illinois’s right to impose price controls on interchange fees. However, she permanently enjoined the state from enforcing its data-usage restrictions on national banks and federal savings associations. Kendall’s injunction was extended to payment networks and processors to the extent they’re carrying out functions on behalf of exempt […]
Read more...The Atlantic Divide: Litigation vs. Regulation in Payments
A mix of market forces, law, regulation, and public and private litigation has determined the price of payments acceptance on both sides of the Atlantic. Their relative importance, however, differs markedly. While private antitrust suits have had a significant impact in the US, in Europe private litigation hasn’t directly reduced interchange fees. In 2003, as […]
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