It ain't fashion, if it ain't sustainable

Payment Systems

Payment Systems / US Debit Cards

4 October 2022

3 minutes

The Fed announced new regulations that clarify that the routing choice requirement applies to online and other “card-not-present” transactions the same as in-store transactions and that card issuers must enable their cards to be processed on at least two networks regardless of where they are used.

New US Fed Rules: Networks Will Have to Compete Online, Not Just In-Store

Retailers and merchants in the US have welcomed the Federal Reserve’s long-awaited approval of new rules making it clear that merchants’ right to choose which payment networks process trillions of dollars in debit card transactions each year applies the same online as it does in stores and must be honoured by banks and card companies.

Staff Writer

Payment Systems / US Act

21 September 2022

4 minutes

Swipe fees are among merchants’ highest costs after labour and drive up prices paid by consumers by an estimated $900 a year for the average family. When all brands and types of cards are included, the fees totaled $137.8 billion in 2021, more than double the amount a decade earlier.

US Set to End Visa-Mastercard Duopoly, Address Swipe Fee Tyranny

The US House introduction of the Credit Card Competition Act to check skyrocketing swipe fees has been welcomed by industry associations. The bill addresses “swipe” fees averaging over 2% of the transaction that banks and card networks charge merchants to process credit card transactions.