Better Than Cash?
The current issue of The Columbia Journal of Transnational Law has an article titled "Better than Cash? Global Proliferation of Payment Cards and Consumer Protection Policy" (PDF) by Arnold S. Rosenberg, Assistant Professor of Law, Thomas Jefferson School of Law, in which he suggests that the "American use of credit cards is not normative" and is, in fact, a global anomaly.
Rosenberg goes on to say that "most consumers worldwide use payment cards for convenience rather than a source of long-term credit, and that is why debit cards have become popular so quickly. Moreover, fees and charges imposed on consumers for payment card services are one of the most prolific sources of consumer complaints. Fee regulation should be regarded as a legitimate part of payments law in scholarship on the subject and should not be ignored in establishing a regulatory system to govern debit and prepaid cards."
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