Story perspectives

New Payment Bill Sparks Controversy Over Rewards and Competition

1/16/2026

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Summary

Story summary

The bill would require card issuers to add alternative payment networks and let merchants route payments.
Critics say the change would eliminate rewards and not lower prices, citing past experiments in Europe and Australia.
They argue the bill benefits American Express and undermines competition, while card acceptance remains cheaper than cash.
It could reduce credit availability and push borrowers toward payday loans, affecting airline rewards and pricing.

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Story summary

The bill would require card issuers to add alternative payment networks and let merchants route payments.
Critics say the change would eliminate rewards and not lower prices, citing past experiments in Europe and Australia.
They argue the bill benefits American Express and undermines competition, while card acceptance remains cheaper than cash.
It could reduce credit availability and push borrowers toward payday loans, affecting airline rewards and pricing.