Payments Dive: Retail, crypto groups converge to back stablecoin legislation
The Merchants Payments Coalition and the cryptocurrency interest trade group Payment Choice Coalition issued a joint press release Thursday to say they’re working together to promote “innovation, competition and choice in U.S. payments.”
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Digital Transactions: How Business Groups Are Pushing for Stablecoin Acceptance
A leading merchant association and a group representing stablecoin interests early Thursday threw their weight behind efforts to bring stablecoins into the payments mainstream in the United States. The move by the Merchant Payments Coalition and the Payment Choice Coalition seeks to “promote their shared goals of enhancing innovation, competition, and choice in U.S. payments,” the two groups said in a statement.
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American Banker: Why Mastercard's U.K. settlement won't translate elsewhere
Visa and Mastercard expressed disappointment with the rejection of the U.S. settlement at the time, Members of the National Grocers Association and the Merchant Payments Coalition said the settlement would provide only temporary relief from fees. "Visa and Mastercard have been trying to resolve the issue through settlements, but they keep getting thrown out by the courts, with the U.K. case being a notable exception," Aaron McPherson, principal at AFM Consulting, told American Banker, noting the U.K. settlement was well below the plaintiffs' claim.
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Digital Transactions: Observers And Lawmakers Handicap the CCCA’s Chances As It Heads Back to Congres
“The Senate Judiciary Committee [hearing in November] showed there was a lot of support across the aisle, and even skeptics indicated it would pass. It is just a question of when,” says Doug Kantor, an executive committee member for the Merchants Payments Coalition and general counsel for the National Association of Convenience Stores. “From our perspective, there is a lot of support across the aisle.”
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Payments Dive: Durbin to reintroduce credit card competition bill
“The hearing in the Senate Judiciary committee last year gave a lot of momentum to the Credit Card Competition Act” legislation, Doug Kantor, general counsel for the National Association of Convenience stores, said in an interview Tuesday. That hearing “showed that there is very broad bipartisan support” for the bill. “Even skeptics believe it will pass, and it’s just a matter of time,” added Kantor, who is also a member of the executive committee of the Merchants Payments Coalition.
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WDKY-TV: Record Valentine’s Day spending expected in Kentucky
This year, the average shopper is expected to spend $189 on Valentine’s Day gifts. On top of that, the Merchant Payments Coalition warns consumers should be aware of rising swipe fees on credit and debit cards. Credit card companies are expected to charge shoppers over $600 million in hidden costs.
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Retail Insight Network: Record Valentine’s Day sales to come with added costs
The Merchant Payments Coalition estimates that card processing fees—often referred to as “swipe” fees—could contribute over $600m to consumers’ total expenditure this month.
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The U.S. Sun: LOVE TAX Shoppers warned over ‘harmful’ hidden fees ahead of Valentine’s Day as expert urges buyers to watch how you ‘swipe’
The sneaky “swipe” fees that banks charge retailers to process credit and debit card transactions could tack on over $600 million to shoppers’ receipts this February, according to estimates from the Merchant Payments Coalition.
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Center Square: Washington, Maryland lawmakers propose banning credit card swipe fees on sales taxes
“The credit card industry price-fixing swipe fees is bad enough, but taking a slice out of tax dollars before retailers can hand them over to the state of Maryland is unconscionable,” MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said in a statement. “Retailers have to make up the difference, and that ultimately drives up prices for consumers. It is time for this abuse to end. Marylanders’ tax dollars should not be siphoned off to Wall Street this way and we appreciate legislators looking to solve this unjust problem.”
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Convenience Store News: Valentine's Day Spending Breaks New Record
"Valentine's Day is one of the most popular holidays for loved ones to enjoy a fancy meal out on the town or a romantic meal at home, but swipe fees drive up the cost of everything for couples celebrating this special day," said MPC Executive Committee Member and National Restaurant Association Director of Technology and Innovation Policy Brennan Duckett. "Giant Wall Street banks shouldn't force you to take them along as an awkward third wheel in your special moments. They are making record profits by charging these huge hidden fees. It’s not fair and it's time for Congress to pass the Credit Card Competition Act."
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