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STATE OF THE INDUSTRY REPORT
Regulatory Interventions as of July 2025
United States
European Union
Country
Australia Japan
Interchange Caps
Network Routing Requirements
Partial
Types of Intervention
Surcharging Allowed
Partial
Partial
Government Grants for Payments -Related Costs
Requirements to Publish Fee Schedules
Decreases to Some Merchant Fees
Impact
Evidence of Increased Market Share of Domestic Payment Networks Increases to Non-Regulated Fees (e.g., Network Fees, Commercial Card Interchange, Credit Interchange)
Routing Limitations by Entry Method
Limited Availability of Network Routing for Certain Channels Where the Domestic Network Could Support the Channel
Benefit Erosion Factors Observed Since Regulation
Issuance of Single-Network Cards
Partial
Partial, depending on country
Introduction of Consumer Routing Choice
Limitations to Routing When Network Tokens are Used
Limited Processor Routing Capabilities
Loss of a Domestic Network (including Consolidation)
Partial
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