TheCredit Card Competition Actis set to end Visa and Mastercard’s longstanding monopoly over how transactions on credit cards issued under their brands are routed for processing. Credit Card swipe fees in the US are the highest in the industrialized world.
The Credit Card Competition Act was introduced to Congress in July, and its bipartisan sponsors (Senators Richard Durbin, D-Ill., and Roger Marshall, R-Kan., and Representatives Peter Welch, D-Vt., and Lance Gooden, R-Texas) are hoping for action in 2023. Over 1,802 merchants and 236 merchant trade associations have shown their support for the legislation through letters submitted to lawmakers by the Merchant Payment Coalition.
Joining us this morning to help us understand this is MPC Executive Committee member and National Association for Convenience Stores General Counsel Doug Kantor