Digital Transactions: Potential Merchant Savings on Swipe Fees Is the Latest Payments Battleground
The latest battle centers on data from payments consultancy CMSPI that says merchants will save $16.4 billion annually in credit card acceptance fees from passage of the proposed legislation, up from an estimated $15 billion in 2023. The increased savings come as the interchange fees merchants pay to accept credit cards surpassed $170 billion in 2023, costing the average family more than $1,100, according to estimates released by the Merchants Payments Coalition.
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Credit Card Competition Act Would Now Save Merchants and Consumers Over $16 Billion a Year
With the Credit Card Competition Act now projected to save merchants and consumers over $16 billion a year, passage is needed more than ever, MPC said.
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Gifts and Decorative Accessories: How Congress Could Save Retailers, Consumers $16 Billion a Year
According to the Merchants Payments Coalition (MPC), the Credit Card Competition Act (CCCA) is projected to save merchants and consumers more than $16 billion a year, so its passage is pivotal for the U.S. economy. “Total swipe fees have jumped above $170 billion per year and cost the average family more than $1,100,” said Christopher Jones, MPC executive committee member and National Grocers Association SVP of Government Relations and Counsel. “Given those exploding numbers, the Credit Card Competition Act would save people an estimated $16 billion per year. Small businesses and their customers desperately need a competitive market system and the savings that would come from this legislation. It’s a modest hit to card industry revenues but very significant to those who ultimately pay these fees.”
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Swipe Fee Cost for Average Household Tops $1,100
Soaring credit and debit card swipe fees cost the average U.S. household more than $1,100 last year, MPC said.
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Gifts and Decorative Accessories: Merchants Beg Card Industry to ‘Stop Gouging American Consumers’ as Swipe Fee Costs Rise
Soaring credit and debit card swipe fees cost the average U.S. household more than $1,100 last year, the Merchants Payments Coalition said today.
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Chain Drug Review: Swipe fee cost for average household tops $1,100
“American families should not get bilked for more than $1,100 each year on swipe fees,” MPC Executive Committee member and National Retail Federation Senior Director of Government Relations Dylan Jeon said. “It’s time for the card industry to stop gouging American consumers and small businesses and compete to offer market-based, competitive fees. Instead, the credit card industry uses cartel pricing to extract more and more dollars from Americans’ pockets each year. Congress needs to pass the Credit Card Competition Act to fix the broken credit card market.”
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Door and Window Market: For Some, Credit Card Fees Are a Hindrance; For Others They're a Boon
According to the Merchants Payments Coalition (MPC), Visa and Mastercard control 80% of the U.S. credit card market. As a result, “Each centrally set the swipe fees charged by banks that issue cards under their brands, and also block transactions from being processed over other networks that could do the job with lower fees and better security,” MPC officials suggest.
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Credit Unions Today: Merchants Group Launches TV Ad Saying Card Legislation Must be Passed to Stop China From Getting Data
The Merchants Payments Coalition has launched a new TV commercial that warns there is “no bar to China’s payment network processing Americans’ credit card data” unless Congress passes the bill. The 30-second ad and similar digital banner ads are running in Washington and targeted markets around the country.
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New Ad Warns Credit Card Competition Act is Needed to Block China UnionPay from U.S. Credit Cards
A new television commercial being aired by MPC warns that there is no bar to China’s payment network processing Americans’ credit card data unless Congress passes the Credit Card Competition Act.
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Digital Transactions: MPC’s New CCCA Ad
The Merchants Payments Coalition released a 30-second TV ad that says the Credit Card Competition Act, a measure that would stipulate merchants have credit card routing choices, would prohibit China’s credit card network UnionPay from processing U.S. credit card transactions. Currently, no regulation prohibits that the MPC says. The CCCA, if passed, would keep U.S. card data from being processed over non-U.S.-based networks.
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