It is a fragmented patchwork of closed, proprietary networks. A handful of institutions run the tollbooths of everyday payments, collecting what amounts to a private tax on the economy with every swipe, tap, or wire. Like a constant background radiation, this friction invisibly erodes business margins through a cascade of fees—totaling over $187 billion in merchant fees in 2024 alone—all cleverly disguised by the brilliant marketing scheme of consumer rewards.