4 korrents from this piece
Every claim below was made in this piece, quoted word for word and numbered in the order the piece makes them, so you can read it there rather than take our word for it. The sentence above each quote is our reading of the claim, not their wording. Each quote was checked against a stored copy of the page at build time; where the two differ, the quote is the fact.
Their wordsAlmost all discussions of it center on “data”, but it’s actually a fight about payments, and whether banks have a right to monopolize and charge for all economic activity their users engage in, irrespective of whether the bank operates the payment method.
Our reading
Having banked almost everyone does not entitle banks to a fee on every transaction in society.
Their wordsWe have made enormous strides, both from the financial industry and civil society, in banking almost everyone.
Their wordsBut cards are not and cannot be the last word in payments.
Their wordsWe should not allow banks to get into the habit of sending demand letters to ruin the economics of businesses they simply do not like.