Walmart and other big-box retailers want to enjoy the many benefits of accepting credit cards without having to pay for that privilege.
Currently, most businesses pay an interchange fee of 1-3 percent of every transaction to accept credit cards. This fee hasfor roughly a decade. What Walmart doesn’t want to acknowledge is that financial institutions—including payment networks and banks of all sizes—are constantly investing money to improve America’s payment ecosystem to ensure that consumers and retailers have the safest and smartest payment system in the world.
It’s not the first time Walmart has lobbied for the government to make new rules that favor them. In 2010, Walmart teamed up with Target and other mega-retailers to add the Durbin Amendment to the must-pass Dodd-Frank bill. The Durbin Amendment instituted price controls on debit card fees, and it didn’t even get a hearing. Instead, Sen. Durbin slipped it into the bill as a last-minute favor. As is always the case, these price controls backfired and had a ripple effect on the entire economy.
Now these mega-corporations like Target and Amazon are at it again, and they are aggressively asking senators and congressmen to support these credit card routing mandates.introduced by Senators Durbin and Marshall last year for valid reasons, and they should do so again. We must protect consumers, preserve the integrity of the payment ecosystem, and reject this detrimental and unnecessary government intervention.
It’s why seemingly every group representing local banks and credit unions has come out in opposition to the bill, and why those who care about true competition know that this bill is a
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