Working out of Visa headquarters in Foster City, California, general counsel Josh Floum keeps tabs on payment trends that are changing around the globe, and the laws that help shape them. He has met with legislators in Washington, D.C., to discuss the Dodd-Frank Act’s Durbin Amendment, which impacts credit and debit cards; journeyed to Russia to meet with their politicians; and sees China, with its restrictions on non-national electronic payment companies, as a bright spot on his radar.
“Throughout the world we see a secular shift from cash and checks to electronic payments,” Floum says. “Governments are interested in that, consumers are interested in that, businesses are interested in that, and financial institutions are interested in that.
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