"It seems that the board has simply bent to the wishes of the banks," said Mallory Duncan, chairman of the coalition. "This definitely makes it more difficult for merchants to provide the level of benefits we want to provide to customers. We're still going to work at that, but it's going to be very difficult."
"The card system in this country has been dysfunctional for a long time," says Mallory Duncan, general counsel of the National Retail Federation. "We have far, far too much fraud because we have a very antiquated payment system relative to the rest of the world. This is something they should have fixed a long time ago."