Fed Proposes Review of Debit Transaction Routing, but Leaves Fee Alone
The Fed will review whether a rule requiring options in routing debit transactions is being followed, but angered merchants when it kept the cost basis for a national debit fee cap unchanged.
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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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Visa, Mastercard Face Biggest Challenges in a Decade
Regulatory, legislative and court confrontations over the card network companies' fees are ratcheting up pressure again for reform of the behemoths' practices.
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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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U.S. Justice Department Probing Visa Over Debit Practices
The Justice Department is looking at Visa Inc’s debit practices, the company said on Friday, after reports the United States was investigating whether the credit card company uses anticompetitive practices in the debit-card market.
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Merchant Trade Groups Press Legislative Action Against Visa, Mastercard
The Merchants Payments Coalition (MPC), another group of retailers, restaurants, gas stations and other merchants focused on the credit card fee issue, took the argument a step further, calling on Visa and Mastercard to lower their fees.
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Payments Source: EMV deadline nears for gas stations, but many won't make it
The card brands are taking their last major step in the U.S. EMV migration by enforcing a liability shift at fuel stations.
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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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Credit Card Swipe Fee Increases Temporarily Delayed
The Merchants Payments Coalition welcomed Visa and Mastercard’s announcement 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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Visa, Mastercard to Delay Merchant Fee Hikes Another Year
Visa Inc. and Mastercard Inc. are postponing plans to boost the fees U.S. merchants pay when consumers use credit cards online, pushing back the changes another year to April 2022 because of the pandemic.
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