The Department of Justice is trying to fix a system that isn't broken. The better move would be to allow the ruthlessly competitive payments marketplace to generate new and better products.

The state's ill-conceived law banning interchange fees on sales tax and gratuities will be burdensome and expensive to implement and could portend a patchwork of state-level copycat legislation that would balkanize the payments system.

Micromanaging the terms under which payment networks are willing to process debit-card transactions is bad for both businesses and consumers. Congress has the power to roll back intrusive regulations.

The central bank is merely an instrument of Congress when it comes to setting card interchange fees. Only by making lawmakers feel the heat will the industry see meaningful change.

Like a ratchet, price controls in the payments industry move only one way, destroying value and reducing incentives for innovation.

Government-operated payment systems aren't necessary and reduce choice, competition, innovation and value for consumers, businesses and banks.

While U.S. regulators pressure Visa and Mastercard, there's ample choice, particularly when compared to the national debit rails that exist in most of the world, says Intrepid Ventures' Eric Grover.

There’s a dynamic balance between the innovation and resiliency benefits of the messy, creative ferment of many smaller competitors, and an oligopoly or monopoly’s scale economies, says Intrepid Ventures' Eric Grover.

More lending regulation and interchange restrictions are on tap, says Intrepid Ventures' Eric Grover.

Alipay’s assembling a portfolio to stitch together a multinational financial services ecosystem. The mobile payments titan’s IPO will provide an enormous war chest to develop new services, turbocharge international expansion, and fund acquisitions, says Intrepid Ventures' Eric Grover.