Travel Again Advisory joined The Points Guy and the Electronic Payments Coalition in Las Vegas for the Money20/20 USA Event. We spent the evening talking about how important loyalty points are to the broader travel ecosystem. We had a chance to interview Richard Hunt along with Brian Kelly, the original Points Guy.
Richard is the Executive Chairman of the Electronics Payment Coalition, he was previously President and CEO of the Consumer Bankers Association. A seasoned industry veteran, Hunt led CBA for nearly 14 years, building the organization while leading its members through an unprecedented regulatory environment and an extraordinary era of technological change.
Below are excerpts of our interview with Richard Hunt:
Mike McCormick: I'm here with Richard Hunt, the Executive Chairman of the Electronic Payments Coalition, or EPC, at the Money 20/20 event live this evening. Richard, welcome, and thank you for coming. We appreciate your time.
Richard Hunt: Thank you for having me. It's always great to be in Las Vegas.
Mike McCormick: It’s not a bad place to be, right? Let’s get right into it. We’ve got a serious issue to discuss—one that has been in the works for some time. You’ve been working on it for a while. Tell us a little about what’s been taking up your focus lately.
Richard Hunt: Absolutely. At the EPC, we’ve been focused on ensuring fairness in the payments ecosystem. The hot topic right now is credit card interchange fees. These fees are essential—they fund the system that provides consumer protections and ensures security across the board. Unfortunately, some groups want to reduce or eliminate these fees entirely. It’s a well-intentioned move, but it risks creating far bigger problems in the long run.
Mike McCormick: Right. The argument often presented is that these fees hurt small businesses. What’s your response to that?
Richard Hunt: That’s an important perspective, and we understand the concerns of small businesses. But these fees also ensure that everyone, from small businesses to large enterprises, benefits from a robust and secure payments infrastructure. Without them, who’s paying for the anti-fraud measures? Who’s ensuring that when something goes wrong, consumers and businesses alike are protected? It’s not as simple as just cutting fees and expecting the system to stay intact.
Mike McCormick: What kind of risks are we talking about if interchange fees are reduced or eliminated?
Richard Hunt: The first and most obvious risk is fraud. The fees fund the technology and processes that make it difficult for bad actors to operate. Beyond that, we’d see higher costs shifted to consumers—annual fees on credit cards, higher interest rates, things like that. These fees are a balancing act, and removing them tips the scales in a way that could hurt everyone.
Mike McCormick: And what’s EPC’s role in this debate?
Richard Hunt: We’re the voice of reason, advocating for balance. We educate policymakers, collaborate with stakeholders, and highlight the unseen benefits of these fees. It’s our job to ensure that any changes to the system don’t come at the expense of security, fairness, or competition.
Mike McCormick: Have you seen traction in your efforts?
Richard Hunt: It’s a marathon, not a sprint. But yes, we’ve made progress. More stakeholders now understand the critical role these fees play in sustaining a functional ecosystem. But it’s an ongoing conversation, especially as new technologies like digital wallets and cryptocurrencies emerge.
Mike McCormick: Speaking of the future, how do you see the payments landscape evolving?
Richard Hunt: The pace of change is incredible. New technologies bring efficiency, but also challenges. The EPC is committed to navigating these changes in a way that benefits everyone—businesses, consumers, and the financial institutions that serve them. It’s about keeping the system robust and future-proof.
Mike McCormick: Thank you, Richard. It’s always insightful to hear your perspective. Enjoy the rest of the conference!
Richard Hunt: Thank you, Mike. It’s been a pleasure.
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