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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.
Linda Kirkpatrick
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enators challenge visa and mastercard on high fees and market dominance
United States Dollar
Visa Inc.
Mastercard Incorporated
USA
Bill Sheedy
Linda Kirkpatrick
Merrick Garland
Roger Marshall
Dick Durbin
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23:40 19.11.2024
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