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 +
US Retailers Coalition Urges Regulators to Scrutinize 'Excessively High Fees' Charged by Visa, Mastercard
The Merchants Payments Coalition on Wednesday urged US regulators and lawmakers to scrutinize what it called"excessively high fees" charged by Visa (V) and Mastercard (MA) to process transactions for retailers. The development came after Amazon.com (AMZN) said in November it would stop accepting Visa credit cards in the UK due to the continued high cost of payments. The company reversed that decision earlier this week.
READ MORE +
Merchants Call on U.S. Regulators to Examine Swipe Fees
The Merchants Payments Coalition (MPC) has sent a letter to U.S. antitrust regulators to examine swipe fees charged by major credit card companies in the U.S. after Amazon threated to ban U.K.-issued Visa cards in the U.K. and sequentially reversed the decision.
READ MORE +
Amazon Take On Visa Over Fees All Retailers Set To Benefit If They Win
Retailers are demanding cheaper fees from credit card Companies, who are seen as charging excessive fees as online trade drives bigger credit card transactions. Retailers now spend more than A$152 billion accepting credit and debit cards every year, according to the industry publication the Nielsen Report.
READ MORE +
Interchange Fees in US Antitrust Spotlight After Amazon UK Abandons Visa Card Ban
In the U.K., Amazon’s ban on Visa cards has been abandoned, but the ripple effects may last long and reach far. To that end, some of the biggest retailers in the world — via the Merchants Payments Coalition — sent a letter to the Federal Trade Commission (FTC) and the Department of Justice (DOJ) Wednesday (Jan. 19) urging those regulators to take a deeper look into credit card fees.
READ MORE +
Retailers Ask U.S. Regulators to Examine Visa, Mastercard Fees
A coalition of trade associations representing some of the world’s largest retailers called on U.S. antitrust regulators to examine the fees charged by credit-card companies after Amazon.com Inc. threatened to ban Visa Inc. cards in the U.K.
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 +
MPC Letter Highlights Amazon Action on Visa Credit Cards in UK
On behalf of the Merchants Payments Coalition, we are writing to bring your attention to the recent decision – and subsequent reversal – by Amazon to stop accepting Visa credit cards in the United Kingdom because of the high fees charged to process transactions.
READ MORE +
Merchant Group Prods Fed on Debit Routing Proposal
The Merchants Payments Coalition took Fed Chairman Jerome Powell's appearance before Congress this week as an opportunity to call out the central bank's slow-moving review of a debit routing proposal.
READ MORE +
Merchants Call on Fed to Complete Work on Debit Routing and Fees as Senate Holds Confirmation Hearing on Powell
As the Senate holds confirmation hearings on another term for Federal Reserve Chairman Jerome Powell, the Merchants Payments Coalition today called on the Fed to finalize its proposal making it clear that merchants can choose which payment networks process debit card transactions and to also update its out-of-date debit card swipe fee regulations.
READ MORE +