For comparison, in the US four-party system provided by credit card networks (Visa/Mastercard), interchange fees paid by consumers (~2%) more than cover the cos

For comparison, in the US four-party system provided by credit card networks (Visa/Mastercard), interchange fees paid by consumers (~2%) more than cover the costs of fraud. (IIRC < 0.5% of transaction volume.) In my view, the insanity there is that the amount of money sloshing around in the system is enough to mask the effects of fraud with close to zero consumer liability.