A bill aimed at reducing credit card swipe fees for retailers like convenience stores has faced a delay in the Senate vote process. The Credit Card Competition Act, which was introduced in 2022, aims to give merchants more choice in processing transactions and potentially lower their costs.
The bill’s introduction coincided with a brief recess in Congress, meaning it won’t be considered until next week. A proposed amendment by Senators Roger Marshall and Dick Durbin would require the largest US banks issuing Visa or Mastercard cards to allow transactions to be processed through at least two unaffiliated card payment networks.
Industry experts say that contact from constituents is crucial during this brief recess. The National Association of Convenience Stores (NACS) has urged its members to reach out to their senators in support of the bill. The NACS General Counsel, Doug Kantor, emphasized the importance of continued pressure on the Senate to pass the amendment.
Last year, credit and debit card interchange fees reached a record $187 billion. While some retailers have already started integrating swipe fee reform messaging into their mobile apps, advocates say more work is needed to push for the bill’s passage.
Source: https://www.cspdailynews.com/technologyservices