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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 claim Visa and Mastercard, which control more than 80% of the market for card purchases, comprise a duopoly that gets to set swipe fees. They’ve been asking Congress for years to pass ...
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 ...
Interchange fees or "debit card swipe fees" are paid to banks by acquirers for the privilege of accepting payment cards. Merchants and card-issuing banks have long fought over these fees. Prior to the Durbin amendment, card swipe fees were previously unregulated and averaged about 44 cents per transaction. [3]
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 ...
A recent settlement between Visa, Mastercard and the largest U.S. credit card issuing banks and merchants has lowered swipe fees for the next five years, saving money on your monthly credit card ...
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.
A federal judge overseeing a $30 billion preliminary swipe-fees settlement between Mastercard, Visa and retailers formally rejected the deal Tuesday. The ruling likely means the credit card ...