Acceptance not required by law and no mandated monopoly. The card was introduced in 1983 and the law which helped the card stated that they could not charge any transaction fees to the consumer.

It became popular with the consumers because there is no difference between cash and the debit card. It was popular with retail because it was cheap to handle.

Consumers would typically get the card for free from the bank. If you wanted it to work as a VISA card abroad as well - then you would typically pay $31/year. Points, percentage, milage and whatnot are virtually unknown.

Many retailers opted only to accept this card because the international cards where more expensive (but available!).

Unfortunately regulations are going in the wrong direction. The banks have now gotten their saving by handling less cash - so now they're pushing for more fees.

A brilliant construction which could have been a great stepping stone for a true cashless society now slowly turns into a "same same". It goes to tell - never let liberals near infrastructure.