Sure.
When we set our rates, what we're trying to do is maximize participation in the system by merchants and cardholders. If we, for example, were to follow the model the RCC thinks exists, we would delight issuers and lose all of our merchants and then eventually make our issuers quite unhappy. The only thing we do in setting the rates is balance the system. That's why we lowered rates. It was because we saw an opportunity to compete against cash and debit by eliminating minimum fees. For example, an iTunes transaction, which is a very low-value transaction, used to cost the merchant 5¢. Now, under the new schedule, it costs 1.72¢, and it makes our proposition more attractive to that merchant, although less attractive to the issuer.
It isn't a matter of upping the ante to get more issuers; that's not how it works. We have to be relevant to everybody to be attractive to anybody.