Visa
Acquired
Incentivizing Consumer Behavior Change in Payment Systems
The current payment system is difficult to change due to consumer satisfaction and the inability of individual retailers to create a better system. Consumers are reluctant to change their behavior unless they receive high rewards, which is more costly than the existing system. Attempts by retailers like Walmart and Target to change consumer behavior have been unsuccessful because no one can figure out how to incentivize all parties involved in the system to change their behavior. The merchant is often the only party dissatisfied with the current arrangement.
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