November 15, 2021
In a recent article, the chairman of a credit card industry coalition expressed his members’ worst fear about bringing competition to who gets to process trillions of dollars in transactions each year. Doing so would result in a situation “in which credit card networks are forced to lower their prices to compete.”
October 20, 2021
Retailers argue that the swipe fees incurred by Visa are simply too high for smaller businesses to survive. Meanwhile, those in support argue that Visa actually supports merchants.
October 19, 2021
Over 10 years after Congress brought competition to how in-store debit card transactions are processed, the Federal Reserve is finally seeking to clarify that the same rules apply to online debit transactions as well.
October 07, 2021
It’s been more than a decade since Congress brought competition to the way debit card transactions are processed, limiting Visa and Mastercard’s monopoly and giving a dozen independent processing networks like NYCE, Star and Shazam a chance.
August 12, 2021
According to the Merchants Payments Coalition (MPC), a Federal Reserve proposal making it clear that merchants can choose which payment networks process their online debit card transactions is needed because major banks and networks continue to interfere with competition for debit business a decade after legislation was passed by Congress to fix the problem.
August 12, 2021
Big bank and merchant groups weighed in just before a deadline on Wednesday in response to the Federal Reserve Board’s proposed debit rule clarification, voicing sharply opposing views on the proposal’s support for making multiple processing networks available, particularly for online transactions.
August 11, 2021
A Federal Reserve proposal making it clear that merchants can choose which payment networks process their online debit card transactions is needed because major banks and networks continue to interfere with competition for debit business a decade after legislation was passed by Congress to fix the problem, the Merchants Payments Coalition said today.
August 09, 2021
The Federal Reserve Board is now awash with 560 comments from payments market participants espousing the pros and cons of a seemingly simple rule clarification proposal on the processing of debit card transactions.
August 02, 2021
The reason is that credit card networks and the big banks charge merchants a “swipe” fee averaging about 2 percent of the purchase amount every time a credit card is used, whether it’s swiped, inserted or used via a digital wallet. Those fees add up quickly, totaling almost $100 billion a year. They are among most merchants’ highest cost and drive up prices by hundreds of dollars a year for the average family.