As Congress reconvenes in 2012, I sat down to reflect on the most significant public policy developments of 2011 – including the impact of interchange regulation on American consumers – and the exciting new innovation happening here at MasterCard.

The fallout from the Durbin Amendment last year in the U.S. reminds us that price control regulation distorts the free market and creates unintended consequences for merchants and consumers. It also demonstrates the importance of collaborating with governments and agencies around the world so they can understand the importance of electronic payments.  After all, we are on the path to a cashless future.  Today, about 15% of the world’s transaction are electronic, but that leaves 85%  who still use cash.  Take a look at the attached video where I discuss the impact of regulation and the future of payments because we have a lot of cool new technologies that are being developed to make your life easier.

Categories: News and Views

Tags: Cashless Society, eCommerce, Regulations