Originally Posted by
Ghoulish
Actually the EU went backward some time ago by capping interchange fees, which is why your cards offer terrible rewards, anemic benefits, and annual fees are more common.
Studies have shown the ~2% interchange fees charged by credit card processors and used to fund the much higher levels of benefits for US cardholders are absorbed by merchants, and forcing them lower comes exclusively at the cost of consumers.
Gas stations have been permitted to offer cash discounts for some time.
Bingo! That is why I say, one way or the other, the consumers pay. And it is those who use cash / debit cards who bear the most burden.
But the OP thinks they are going forward, yeah, cashless society WITHOUT much benefits to the consumers.
Personally I am very happy to be going backward to enjoy our 0% forex fee, nice rewards credit cards while still live a virtually cashless life. I could not remember when was the last time I use a single cash bill - everything here is payable by CC. There is truly no need to carry any cash.