Senate Judiciary: Competition needed to lower cost of credit, debit card transactions [Yahoo! Finance]
Mastercard Incorporated (MA)
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Source: Yahoo! Finance
The committee is considering the Credit Card Competition Act of 2023, which aims to increase competition and lower interchange fees. Currently, Visa and Mastercard charge retailers between 1% and 3% in interchange fees, compared to 0.3% in Europe. Retailers pay these fees, which are then passed on to consumers, adding to inflationary pressure. The National Retail Federation estimates that interchange fees cost retailers a record $172 billion in 2023, raising consumer costs by an average of $1,100 per household. Visa and Mastercard argue that the fees support the creation of secure payment networks, but critics argue that the companies have a monopoly on credit card transactions and are engaging in anti-competitive behavior. Nov. 19 (UPI) -- Many consumers use credit cards that levy fees on transactions, but many members of the Senate Judiciary Committee want to lower the cost of those fees through increased competition. The Senate Judiciary Committee on Tuesday morning held a hear
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- 11/12/24 - Form 144
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