Select payment systems stakeholders to their interests

D$.v$ Consumers

C$.v$ Merchants

Financial intermediaries $($banks and credit card networks$)$

Government regulators

A$.$ interested in maintaining trust in the financial system and enforce information reporting laws

B$.$ interested in secure payment systems that transfer risks and costs to others, while maximizing transaction fees payable to themselves.

C$.$ interested primarily in low$-$risk, low$-$ cost$,$ irrefutable $($i$.$e$.,$ final$),$ secure$,$ and reliable payment mechanisms.

D$.$ interested primarily in low$-$ risk, low$-$ cost$,$ refutable $($ able to be repudiated or denied$).$ convenient, and reliable payment mechanisms