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In March 2024, a settlement in the injunctive relief portion of the payment card interchange fee case was announced to reduce what are known as "swipe fees" for merchants in the U.S. This change, set to last five years, was expected to save retailers about $30 billion and mark the end of a long-standing legal battle over antitrust issues ...
While consumer prices have risen about 20% since the pandemic, swipe fees have increased by 50% and hit a record $172 billion in 2023, the Merchant Payments Coalition estimates.
Merchants lobbied heavily for a rule to limit debit card swipe fees. [4] They accomplished this when the Durbin amendment passed with the Dodd-Frank financial reform legislation on July 21, 2010. [5] This was considered a major loss for banks, who receive billions of dollars a year in income from swipe fees. [6]
The bid to tackle the fees, sometimes known as swipe fees or interchange fees, is part of the Biden administration's efforts to combat rising consumer prices, a major issue in the Nov. 5 ...
At an average 2% to 4% of the purchase price, swipe fees account for up to 60 cents of the $15 or so it costs to buy a package of Oreos, a jar of peanut butter, one of jelly, and a loaf of bread.
Visa and Mastercard agreed to roll back the posted swipe fee of every merchant by at least 0.04 percentage points for at least three years.
Retailers pay an average 2.24 percent fee each time they swipe a credit card, although those fees can be as high as 4 percent, according to the National Retail Federation, an MPC member that says ...
Typically, swipe fees cost merchants 2% of the total transaction a customer makes — but can be as much as 4% for some premium rewards cards, according to the National Retail Federation. The ...