Financial Regulation News: Credit card “swipe fees” could cost consumers an estimated $578M on Valentine’s Day 2024
“Valentine’s Day is one of the busiest days of the year for restaurants, but that special meal out is going to cost a little more for the restaurant and the customer this year, thanks to higher swipe fees,” MPC Executive Committee member and National Restaurant Association Director of Technology and Innovation Policy Brennan Duckett said. “Whether it’s eating out, buying flowers, or choosing an engagement ring, soaring swipe fees drive up the price of everything U.S. consumers buy and impact what couples can afford.”
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Payments Dive: Senator calls card CEOs on congressional carpet
While retail industry groups, such as the National Retail Federation and the Merchants Payments Coalition, have supported the legislation, bank trade groups, such as the Electronic Payments Coalition, have opposed it. On Wednesday, the MPC touted the fact that two more senators, Josh Hawley, R-Mo., and Jack Reed, D-R.I., joined as co-sponsors of the legislation.
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Politico Influence: Durbin to Haul in Credit Card, Airline Execs Over Swipe Fees
A dueling coalition of mega retailers that supports Durbin and Marshall’s bill, the Merchants Payments Coalition, cheered the announcement. Stephanie Martz, an executive at the National Retail Federation and a leader at MPC, said in a statement this morning that “there are many questions to be addressed” by the finance execs, whom she accused of making false claims about the swipe fees bill “rather than honestly debating the issues on its merits.”
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Gifts and Decorative Accessories: Hearing Scheduled for 'Swipe Fees' Legislation, 'Time for CEOs of Visa and Mastercard to Answer'
“It’s time for the CEOs of Visa and Mastercard to answer for decades of their companies blocking competition over credit card swipe fees,” said Stephanie Martz, MPC executive committee member and National Retail Federation chief administrative officer and general counsel. “There are many questions to be addressed, most of all how they can justify fixing banks’ prices and inflating prices over $1,000 a year for the average family when it costs only pennies to handle a transaction.”
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Merchants Support Call for Testimony by Visa and Mastercard CEOs at Hearing on Credit Card ‘Swipe’ Fees
MPC welcomed the announcement that Senate Judiciary Committee Chairman Richard Durbin, D-Ill., has invited the CEOs of Visa and Mastercard to testify at a hearing on the lack of competition in the credit card market.
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Maryland Daily Record: On Valentine’s Day, credit card swipe fees could cost consumers nearly $578M
Consumers should expect to spend more on Valentine’s Day this year, according to the Merchants Payments Coalition, which estimates that rising swipe fees charged by banks could cause $578 million in higher prices. That total is several million higher than last year’s.
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NACS Daily: Credit Card ‘Swipe’ Fees Could Cost Consumers Nearly $578 Million on Valentine’s Day
“Valentine’s Day is one of the busiest days of the year for restaurants, but that special meal out is going to cost a little more for the restaurant and the customer this year, thanks to higher swipe fees,” MPC Executive Committee member and National Restaurant Association Director of Technology and Innovation Policy Brennan Duckett said. “Whether it’s eating out, buying flowers or choosing an engagement ring, soaring swipe fees drive up the price of everything U.S. consumers buy and impact what couples can afford.”
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NACS Daily: Credit Card ‘Swipe’ Fees Could Cost Consumers Nearly $578 Million on Valentine’s Day
The rising swipe fees banks charge merchants to process credit and debit card transactions could cost consumers almost $578 million in higher prices as they celebrate Valentine’s Day this year, the Merchants Payments Coalition said.
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Florida Daily: Consumers Will Pay Millions in Credit Card Fees This Valentine’s Day
This Valentine’s Day, U.S. consumers are expected to spend an average of $185.81 on jewelry, greeting cards, candy, flowers, clothing, etc. But the Merchants Payments Coalition says consumers will pay more in credit card “swipe fees.” When buying that Valentine’s greeting card or two or three pieces of chocolate, MPC says based on the average 2.24 percent rate for Visa and Mastercard, consumers will pay an extra $4.16 per person in swipe fees. “Rising swipe fees banks charge merchants to process credit and debit card transactions could cost consumers almost $578 million in higher prices as they celebrate Valentine’s Day this year,” said the MPC.
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Gifts and Decorative Accessories: Credit Card ‘Swipe’ Fees Could Cost Consumers Nearly $578 Million on Valentine’s Day
“Valentine’s Day is one of the busiest days of the year for restaurants, but that special meal out is going to cost a little more for the restaurant and the customer this year, thanks to higher swipe fees,” said Brennan Duckett, MPC Executive Committee member and National Restaurant Association director of technology and innovation policy. “Whether it’s eating out, buying flowersor choosing an engagement ring, soaring swipe fees drive up the price of everything U.S. consumers buy and impact what couples can afford.”
READ MORE +