TBPN · Sep 30, 2026
With Daragh Murphy, Co-founder and CEO of Imprint
Card networks take only 15 or 16 basis points of a purchase, Daragh Murphy said. The bank or company whose name is on the card collects interchange of about 2%, most of which pays for rewards.
The common assumption is that credit cards are too entrenched to dislodge. Murphy said AI shopping agents could finally make paying straight from a bank account easy enough to replace them.
"This is actually the first time I think interchange is in danger."
Daragh Murphy, co-founder and chief executive of Imprint, on TBPN, runs co-branded credit cards for brands including Kroger and Shell.
The full segment is covered here so you can skip it.
Here are the 5 takeaways that matter.
Key Takeaways
Kroger, the fourth-largest US merchant, is moving its co-branded card to Imprint from a 100-year-old bank
Imprint wins brands because it does not try to sell their customers other products, and it spent $100 million rebuilding its own technology
The card networks take 15 to 16 basis points; the issuer gets about 2% interchange and Imprint gives almost all of it back as rewards
Paying directly from a bank account costs a fraction of that, and AI agents could remove the friction of setting it up
2% of American commerce runs across the card rails, Murphy said, which makes the shift worth a great deal
1. Kroger Switches Issuers
"So at Imprint, we're building the infrastructure that lets everybody feel like a regular at their favorite brand." — Daragh Murphy
That starts with co-branded credit cards, he said, and Imprint is relaunching Kroger's.
"They're leaving a big bank that's been around for a hundred years, choosing us." — Daragh Murphy
Kroger is the fourth-largest merchant in the US, he said, which made it a big vote of confidence.
