Swipe Fee Cost for Average Household Tops $1,100
Soaring credit and debit card swipe fees cost the average U.S. household more than $1,100 last year, MPC said.
READ MORE +
Gifts and Decorative Accessories: Merchants Beg Card Industry to ‘Stop Gouging American Consumers’ as Swipe Fee Costs Rise
Soaring credit and debit card swipe fees cost the average U.S. household more than $1,100 last year, the Merchants Payments Coalition said today.
READ MORE +
Chain Drug Review: Swipe fee cost for average household tops $1,100
“American families should not get bilked for more than $1,100 each year on swipe fees,” MPC Executive Committee member and National Retail Federation Senior Director of Government Relations Dylan Jeon said. “It’s time for the card industry to stop gouging American consumers and small businesses and compete to offer market-based, competitive fees. Instead, the credit card industry uses cartel pricing to extract more and more dollars from Americans’ pockets each year. Congress needs to pass the Credit Card Competition Act to fix the broken credit card market.”
READ MORE +
Door and Window Market: Subscriptions ▾ DWM Magazine FREE E-Newsletter E-Newsletter Whitelist Instructions Subscription FAQ Other Publications AGRR Magazine Architects' Guide to Glass & M
According to the Merchants Payments Coalition (MPC), Visa and Mastercard control 80% of the U.S. credit card market. As a result, “Each centrally set the swipe fees charged by banks that issue cards under their brands, and also block transactions from being processed over other networks that could do the job with lower fees and better security,” MPC officials suggest.
READ MORE +
Credit Unions Today: Merchants Group Launches TV Ad Saying Card Legislation Must be Passed to Stop China From Getting Data
The Merchants Payments Coalition has launched a new TV commercial that warns there is “no bar to China’s payment network processing Americans’ credit card data” unless Congress passes the bill. The 30-second ad and similar digital banner ads are running in Washington and targeted markets around the country.
READ MORE +
New Ad Warns Credit Card Competition Act is Needed to Block China UnionPay from U.S. Credit Cards
A new television commercial being aired by MPC warns that there is no bar to China’s payment network processing Americans’ credit card data unless Congress passes the Credit Card Competition Act.
READ MORE +
Restaurant Business: Group aiming to lower swipe fees steals a page from the opposition's playbook
The Credit Card Competition Act would require that Mastercard or Visa charges be clearable through a third party, but it specifies that the alternative processor cannot be one that’s controlled by a foreign government. The stipulation appears to be aimed at China UnionPay, the network that is owned by the People’s Republic of China. “The prohibition would keep banks from exposing Americans’ sensitive financial data to foreign governments by routing U.S. credit card transactions over foreign networks,” the Merchants Payment Coalition said in announcing its new ad campaign.
READ MORE +
Digital Transactions: MPC’s New CCCA Ad
The Merchants Payments Coalition released a 30-second TV ad that says the Credit Card Competition Act, a measure that would stipulate merchants have credit card routing choices, would prohibit China’s credit card network UnionPay from processing U.S. credit card transactions. Currently, no regulation prohibits that the MPC says. The CCCA, if passed, would keep U.S. card data from being processed over non-U.S.-based networks.
READ MORE +
Gifts and Decorative Accessories: New Ad Campaign Takes Aim at ‘Glaring Gap’ in Credit Card Data Security
“A glaring gap in payments security currently gives U.S. banks the option to outsource credit card processing to China through the China UnionPay network if they choose to do so,” Christopher Jones, MPC executive committee member and National Grocers Association senior vice president of government relations and counsel, said. “The CCCA would close that loophole and protect American consumers.”
READ MORE +
Merchants Say Soaring Bank Profits Show Need to Pass Credit Card Competition Act
High profits reported last week by three of the nation’s largest credit card-issuing banks show the need for Congress to pass the Credit Card Competition Act, MPC said.
READ MORE +