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Fintech startups, blockchain technology, and the rise of decentralised finance (DeFi) are proving to be worth challengers to traditional card-based payment systems. The rise of alternativepaymentmethods like cryptocurrencies, mobile payments (e.g., High fees can erode the precious and often narrow profit margins.
Startups attempt to compete with and even displace Visa and MasterCard: Companies have been attempting to displace Visa and Mastercard and disrupt the traditional payment landscape. Interventions such as countries putting caps on interchange fees and mandates for transparent pricing aim to foster competition and protect consumer interests.
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