Originally Posted by
Boraxo
Where did you read this? Gen Z loves cards and is just learning how to max them out from the latest bank filings. Gen Z hates cash and likes convenience, hence applepay, venmo etc. All of which run on cards.
The bank lobby and airline lobby is too powerful to get rid of interchange fees.
All of which is OT as to whether AS will mimic DL on lounge access and MQ$
I think there's an important distinction - GenZ likes
debit cards and not
credit cards. E.g.:
https://www.paymentsjournal.com/gen-...rds-to-credit/
https://www.bankrate.com/finance/cre...-credit-cards/
https://www.mx.com/blog/gen-z-money-...obile-banking/
They like electronic payments, but the data seems to indicate debit cards are making up the majority of those transactions. With that comes lower interchange. Durbin has been pushing the "Credit Card Competition Act" which would likely have negative impact on interchange fees.
The bank and airline lobby might be strong, but so is retail (Walmart, Amazon, etc). This won't be a clear cut partisan issue and I suspect its fate will depend on which lobby wins. Durbin isn't pushing this out of the goodness of his heart.