Letter Shows Both Republicans and Democrats Support Credit Card Swipe Fee Competition Amid Rising Inflation
The Merchants Payments Coalition today welcomed a letter from bipartisan members of the House and Senate asking Visa and Mastercard to withdraw credit card swipe fee increases set to take effect this month, and agreed that the increases would drive up prices paid by consumers already facing high inflation.
READ MORE +
Merchants Ask House Committee to Add Swipe Fees to Examination of Bank Fees ‘Costing Consumers Billions’
The Merchants Payments Coalition today asked the House Financial Services Committee to go beyond overdraft fees as it looks into bank fees “costing consumers billions,” saying credit and debit card swipe fees should be considered as well.
READ MORE +
Credit Card Fees Swipe More Than Two Dozen Easter Eggs and Cost Consumers Millions on Easter Purchases This Year
Hidden “swipe” fees charged by big banks and credit card networks to process transactions could cost the average consumer the equivalent of two dozen eggs this Easter and total hundreds of millions of dollars nationwide, the Merchants Payments Coalition said today.
READ MORE +
Merchants Ask Congress to Investigate Visa and Mastercard, Citing Biden Call to Fight Inflation with Competition
The Merchants Payments Coalition today called on Congress to investigate Visa and Mastercard’s anticompetitive dominance over the U.S. credit and debit card markets, citing President Biden’s call in his State of the Union address to fight inflation by increasing competition.
READ MORE +
Merchants’ Ad Campaign Highlights Harm of Credit Card Swipe Fees Ahead of $1.2 Billion Increase
With fees set to rise in April, the Merchants Payments Coalition today announced an advertising campaign to educate Congress and other policymakers on high “swipe” fees credit card networks and big banks charge merchants to process transactions and the impact the fees have on consumers, small businesses and the U.S. economy.
READ MORE +
Merchants Renew Call for U.S. Action on Credit Card ‘Swipe’ Fees After Amazon and Visa Resolve Dispute in UK
The Merchants Payments Coalition renewed its call for U.S. officials to address credit card “swipe” fees following today’s announcement that Amazon has agreed to continue accepting Visa credit cards in the United Kingdom.
READ MORE +
Merchants Tell Congress Credit Card ‘Swipe’ Fees Place Small Businesses at a ‘Distinct Disadvantage’
The Merchants Payments Coalition urged Congress to protect small businesses against rising credit card “swipe” fees as the House Financial Services Committee held a hearing today on ensuring that small and minority-owned businesses share in the nation’s economic recovery.
READ MORE +
Merchants Say Visa Study on Increasing Use of Credit Cards Shows Need to Bring Fees Under Control
A new study by Visa shows the importance of bringing “swipe” fees charged to process credit and debit cards under control as consumers and small businesses move away from cash and the fees exacerbate record inflation in consumer prices, the Merchants Payments Coalition said today.
READ MORE +
Merchants Welcome Fed Paper on Digital Currency, Say Proposal Opens ‘Long-Needed Conversation’ on Payments
The Merchants Payments Coalition today welcomed the Federal Reserve’s new white paper on the potential creation of a central bank digital currency, saying a CBDC could help address the tens of billions of dollars a year in credit and debit card “swipe” fees that drive up prices for consumers.
READ MORE +
Merchants Ask U.S. Authorities to ‘Look Closely’ at Amazon’s Attempt to Reject UK Visa Credit Cards
The Merchants Payments Coalition today called on Congress and federal agencies to “look closely” at Amazon’s recent announcement that it would stop accepting Visa credit cards in the United Kingdom. Even though Amazon changed its mind this week, MPC said the high “swipe” fees that prompted the move are much higher in the United States and drive up consumer prices here even more.
READ MORE +