{"canonical_url":"https://agenticpayments.dev/cuts/cut-0212","claims":[],"content_hash":"sha256:811905187c1e2cbc6e6e523409fef37b7cce333218a2dfdad005fdaf634123fa","entities":{"chargeback":"lexicon/chargeback","interchange":"lexicon/interchange","mdr":"lexicon/mdr"},"gist":"The standard complaint about cards is that moving a few kilobytes of transaction data cannot possibly cost 2%. Correct — and beside the point. Interchange was never the price of moving data. It is the price of a governed marketplace.","id":"cut-0212","license":"CC-BY-4.0","provenance":"first-hand","relations":[{"target":"cut-0211","type":"related"},{"target":"cut-0216","type":"related"}],"sig":"ed25519:APN2c9nh/CTIEyhJXX2IDvxNLg4Yx/z1qHU/+Ny9MxWSB0kVRJqNimOs9fJgPBGE+lXhmGC4tdbjAMzyP2azBg==","stale_after":null,"suggested_citation":"agenticpayments.dev, \"Interchange is a governance fee, not a payment fee\" (cut-0212), July 2026, https://agenticpayments.dev/cuts/cut-0212","superseded_by":null,"valid_as_of":"2026-07-06","version":1}