Josyana Joshua

Visa and MasterCard are basically proposing that they're going to really loosen the details of the honor all cards rules.

And they're giving merchants the option to kind of deny where they want, which cards they accept and how they accept them.

Honoring all of them means that no matter the swipe fee, like the merchants have to accept them no matter what.

Any given retailer could just be like, hey, we don't take that card.

Like, you can't use that card here.

Which seems like it would create a bit of friction for consumers as we know those higher premium cards are becoming more popular and a lot more people have them in their possession.

So it could be one of those things where like...

You're being denied at the counter and you're like, well, I have nothing else to use.