This bill will reduce competition in the sector. Why bother coming up with new innovations, new technology if you're going to be told how to use it? Why would new providers want to enter the market knowing that there will be a Minister making sure they're not too successful? A sector that's constantly changing needs investment, not restrictive regulations. Submissions in the select committee from ANZ, Business New Zealand, Visa, and Westpac said that the Government should not intervene by way of regulation. They noted that market forces have been and continue to drive competition, and if the profits available within the payment system can be reduced by regulation, their ability to develop new services that will benefit merchants and consumers will be adversely impacted. This sort of tinkering and interfering with the way business is run as unhelpful.