Big Banks Should Not Be Priming the Pump to Gouge Consumers and Main Street as Card Volume Rises
The Merchants Payments Coalition today decried outrageous swipe fees pocketed by big banks, which have reported dramatic increases in credit and debit card volume this week as Main Street still struggles to recover from the COVID-19 pandemic.
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Merchants Welcome Biden Order on Competition and Say it Should be Applied to Payments Market
The Merchants Payments Coalition welcomed an executive order on competition signed today by President Joe Biden and called for its principles to be applied to address lack of competition in the payments market.
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Merchants Call on Fed to Cut Debit Card Swipe Fee Rate as Banks’ Costs Fall, Applaud Routing Announcement
The Merchants Payments Coalition called on the Federal Reserve today to revise debit card swipe fee regulations adopted a decade ago, citing a new Fed report showing banks’ average cost of processing the transactions has fallen by half. MPC also welcomed the Fed’s announcement that it plans to clarify that debit card routing requirements apply to all transactions regardless of whether they take place online, in-store or in another form.
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Merchants Welcome Reported DOJ Investigation of Visa Debit Card Routing Issues
The Merchants Payments Coalition welcomed published reports today that the Department of Justice is investigating whether Visa is engaging in anticompetitive practices related to how debit card transactions are routed for processing.
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Merchants Welcome Delay of Visa/Mastercard Swipe Fee Hike but Say Fees Are Still Too High
The Merchants Payments Coalition welcomed today’s announcement by Visa and Mastercard that nearly $1.2 billion in credit card swipe fee increases will be postponed for a year, but said existing fees are already too high and need to be addressed by Congress.
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Merchants Welcome Durbin Concern that Visa and Mastercard Want to ‘Get Even’ with Swipe Fee Increases
The Merchants Payments Coalition welcomed attention brought to rising credit card processing fees by Senate Judiciary Committee Chairman Richard J. Durbin, D-Ill., during an antitrust hearing today.
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Merchants Payments Coalition Welcomes Durbin/Welch Request for Visa and Mastercard to Cancel Fee Increase
The Merchants Payments Coalition welcomed a letter sent today by Senator Richard J. Durbin, D-Ill., and Representative Peter Welch, D-Vt., calling on Visa and Mastercard to cancel a nearly $1.2 billion increase in credit card processing fees scheduled to take effect in April.
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