{
Bill Sheedy

People

}
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001122334455554433221100

enators challenge visa and mastercard on high fees and market dominance

Senators from both parties questioned Visa and Mastercard executives during a Senate Judiciary Committee hearing on the companies" alleged duopoly and high interchange fees, which cost merchants over $100 billion in 2023. The proposed Credit Card Competition Act aims to enhance competition by requiring banks to offer alternative payment networks, while Visa and Mastercard defended their fees as necessary for fraud prevention and service costs. Critics argue that high swipe fees ultimately lead to increased prices for consumers, with the retail industry advocating for greater transparency and fairness in the payment system.
CNBC
United States Dollar Visa Inc. Mastercard Incorporated USA Bill Sheedy Linda Kirkpatrick Merrick Garland Roger Marshall Dick Durbin Show more
Regulatory & Legal, News Article
23:40 19.11.2024
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