This document summarizes a presentation on how evolving regulation may impact payment cards. It discusses the key elements of the proposed European Interchange Regulation, including capping interchange fees for credit and debit card transactions at 0.3% and 0.2% respectively. It notes issues still under amendment like transitional periods and the regulation's scope. The presentation also overviewed related business rules around co-badging, steering, unblending, and separating scheme and processing functions. In concluding, it was noted that the regulation's implications are far-reaching as it aims to address a perceived mischief in the payments industry.