Home Business Walmart and Target among 1,600 merchants calling for credit-card fee law, says WSJ

Walmart and Target among 1,600 merchants calling for credit-card fee law, says WSJ

0
Walmart and Target among 1,600 merchants calling for credit-card fee law, says WSJ


Merchants such as Target Corp. [s] and Walmart Inc.
WMT,
-0.22%

signed on to a letter asking Congress to pass a law that would require options for the routing of credit-card transactions over alternative networks, according to The Wall Street Journal. Sen. Dick Durbin, an Illinois Democrat, and Sen. Roger Marshall, a Kansas Republican, who introduced such a bill back in July, said that alternate routing options would increase competition and lead to lower swipe fees when people use many Visa Inc.
V,
-0.13%

and Mastercard Inc.
MA,
+0.13%

credit cards. “Swipe fees for credit cards are higher in the United States than anywhere else in the industrialized world-more than seven times as high as Europe,” a group of more than 1,600 merchants said in their letter, the Journal reported Wednesday. Debit cards already carry a requirement for routing options in most cases. Visa Chief Financial Officer Vasant Prabhu addressed the proposed legislation at a Goldman Sachs conference earlier this week, saying that there is already “a ton of competition” in the credit-card business and that reductions in interchange fees as a result of any new laws could impact the rewards landscape for consumers.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here