As retailers, we live every day in an atmosphere of intense competition, and our natural affinity is for less regulation, rather than more.
So why did we call for regulatory authority and for an oversight body on behalf of our merchant community? In short, because the card payment system has not been functioning properly, with the credit card duopoly dictating prices at will to merchants, and with a very clear risk that the same path would be taken with debit cards.
True competition brings lower prices, not higher ones. It is that kind of market that is in the interests of merchants and consumers alike. The government has recognized this in its commitment to regulate the conduct of credit card companies, banks, and processors if they do not adhere to the voluntary code.