Payments News

On The Web

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Fed Seeks to Dismiss or Move Retailers’ North Dakota Lawsuit

“The Federal Reserve Board told a North Dakota federal court this month that a lawsuit brought against it by retail associations in April over its rules for debit transaction fees seeks belatedly to rehash issues already settled by the D.C. Circuit Court of Appeals in 2014. In a motion to dismiss the lawsuit, the Federal […]
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Emirates spearheads airline industry attack on credit card fees

“Emirates is leading a charge by airlines to escape the hefty payment processing fees levied by the credit card industry, after the carrier became the first to adopt a rival system developed by Deutsche Bank. The Dubai-based carrier has implemented a long-delayed scheme for electronic real-time payments for tickets devised by the German lender on […]
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Marqeta IPO puts spotlight on fintech fees

“Most of Marqeta’s revenue comes from interchange fees, the costs that merchants pay when their customers use debit cards to make a purchase.  Because of the Durbin Amendment in the 2010 Dodd Frank Act, banks with under $10bn in assets receive higher interchange fees than larger lenders from the transactions.  Fintech start-ups such as Marqeta […]
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Big Banks on Defense After Fed Sides With Retailers on Debit Swipe Fees

“For nearly a decade, the Federal Reserve avoided choosing sides in the protracted, high-stakes dispute between banks and retailers over debit card fees. But after the Fed last week embraced one of the main arguments made by merchants, many observers believe that more bad news is coming for large and midsize banks. The Fed is […]
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Interchange Adjustments Will Add a Net $889 Million to Merchants’ Costs, an Analysis Says

“With the two big payment networks set to raise by hundreds of millions of dollars the cost U.S. merchants pay for card acceptance, e-commerce merchants could see fee boosts while some segments—like travel-and-entertainment and low-ticket-value, quick-service merchants—could see some reductions.  In total, rate tweaks scheduled by Visa Inc. and Mastercard Inc. for next month will […]

On The Wires

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Merchants Call on Fed to Cut Debit Card Swipe Fee Rate As Banks’ Costs Fall, Applaud Routing Announcement – Merchants Payments Coalition

“The Merchants Payments Coalition called on the Federal Reserve today to revise debit card swipe fee regulations adopted a decade ago, citing a new Fed report showing banks’ average cost of processing the transactions has fallen by half. MPC also welcomed the Fed’s announcement that it plans to clarify that debit card routing requirements apply […]
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