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You wrote --- > "People have been saying that for decades. And in fact the opposite is happening. Visa/MC raising rates. PayPal raising rates. Volume shifting to more expensive BNPL."

He wrote--- > "CC companies are raising their rates because their margin is soon to be compressed."

He's talking about fees for transactions. Not rates. They are raising rates to make up for the lost fees.

Timely thread: https://news.ycombinator.com/item?id=32100777 (UK lawmakers tell Visa and Mastercard to justify fee rises)

FedNow hasn't been available for decades. It's a real threat to the entire cc ecosystem.

UPI in India has effectively killed credit cards as a payment method. Any similar system will likely do the same in the US.