Retailers ask Congress to give them the means to bypass Mastercard and Visa
September 14, 2022
A group of more than 1,600 merchants is asking Congress to pass legislation that would give them the option of using networks other than Mastercard and Visa to process credit card transactions. The retailers claim that so-called swipe fees drive up prices for American consumers. Opponents of the proposed legislation argue that merchants who claim that savings would be passed on to consumers failed to do so when the Durbin amendment was passed as part of the Dodd-Frank Act in 2010. Mastercard and Visa account for 77 percent of all credit card spending in the U.S., according to the Nilson Report.
Recent News
Norwegian Cruise Line Is a Top Performer Partially Due To Millennials and Gen Z
Norwegian Cruise Line saw a Q1 2024 boom and increased sales.
Jimmy John’s Heats Up the Summer With New Spicy Menu
Jimmy John’s is turning up the heat this summer with the launch of three new limited-time offerings.
Bruce Nordstrom, Former Department Store Head, Dies at 90
Bruce Nordstrom, a retail executive who played a key role in transforming his family’s department store chain into a prestigious national brand, has passed away.
Woman Challenges Atlantic City Casino Over $1.2M Jackpot Dispute
In a contentious case emerging from Atlantic City, a New Jersey woman alleges that Bally’s Casino is refusing to honor her $1.2 million jackpot win, citing a slot machine malfunction.