> So long as this new system accepts that this is a cost of doing business and implements a customer service policy where the risk is spread among all retail pa

> So long as this new system accepts that this is a cost of doing business and implements a customer service policy where the risk is spread among all retail participants, this would be competitive with the status quo. If they do this, then essentially the retailers would be setting up a credit card company of their own. But why would we expect their fees to be lower than the fees from the existing credit card companies?