The shift to mobile shopping allows retailers to bypass traditional credit card processing, saving billions and potentially increasing consumer spending power by eliminating fees.
Major retailers like Starbucks demonstrate that when consumers pay directly from bank accounts, they can significantly reduce processing fees and even increase sales.
Evidence from Bolt shows that retailers can lower credit card use while boosting sales, suggesting that moving away from credit cards is beneficial for businesses.
The current credit card rewards system creates a cycle of debt for consumers, leading to a reduction in long-term spending capacity that retailers can help resolve.
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