In short not much, but a lot. The interchange cost structure has not changed since the original Federal Reserve ruling but the market forces impacting the banking world has continued to evolve. Millennials are becoming a greater force in the consumer market and are emerging in the business world with this comes the expectation of everything is real time from anywhere. Summing up a Millennials wants and desires is quite simple…
They want payments to be universal and in real time and an encompassing broad view indicates they want payments to be easy:
– Any geography
– Any electronic type (payment type)
– Any participant
– Any channel
• ATM
• POS
• Mobile device
– Any token
• Phone number
• Email address
This should all be accessible primary banking relationship. What are banks doing to support this? This is all moving towards a safe, reliable and easy to use real-time, any-to-any payment system. Electronic payments improve the access to funds, are more secure than alternative methods and are generally very simple to use.
I’ve always struggled to understand how governments get involved in a free market system, particularly one such as payments that generated enough global GDP growth that was the equivalent of creating 2M jobs between 2008-2012. Is this the last we hear about Durbin? Probably not. Is this the last we hear about Millennials and their increasing payment needs? Definitely not. This disruptive force will expand the market and as the big thinkers from MIT Sloan say “the real story behind disruptive innovation is not one of destruction, but of its opposite: In every industry changed by disruption, the net effect has been total market growth”
ACI Enterprise Payments Platform 
