The old bank/card model is still entrenched in the rich world

Last October Italy’s new right-wing prime minister, Giorgia Meloni, chose card fees as one of her early targets. Her quarrel was with charges levied on card payments that go to processors, networks and banks. Angered by the policy of her predecessor, Mario Draghi, to fine firms that rejected digital payments, she called card fees a “hidden tax” on small businesses. Ms Meloni also suggested raising the limit on how much cash was allowed for large transactions, though she later backed away from this.