The merchant would disagree, but the merchant is lying to themselves, haha. The tough lesson i had to learn was people’s stated preferences often don’t match their revealed preferences. I really wanted it to be true so i gave them a ton of benefit of the doubt, but still lukewarm response.

Regulation on interchange worked in Europe. The other option is government mandated support for bank transfer rails. That’s how UPI in India and Pix in Brazil took off- they were mandatory.

The US has FedNow, but it’s push only (not user facing, too high friction for checkout). RfPs are there but still low adoption.