Visa and MasterCard have surged in the past two decades, reaching a combined $1 trillion market cap. That has attracted unwanted attention from regulators.
From the federal reserve directly : https://www.federalreserve.gov/aboutthefed/boardmeetings/frn-reg-ii-20231025.pdf
Also, I guess what I meant is, the cap used to be 45 cents, and when it was reduced to 21 cents, there wasn’t some massive reduction in prices of products for consumers. Merchants just pocket that difference.
I’ve never heard of that cap! Any references.
Gas stations do! But not really passing the savings, just flipping it by penalizing credit cards.
They can easily say, “Actually it’s 0.10 off by using a debit” as opposed to “it’s 0.10 more for using credit”.
From the federal reserve directly : https://www.federalreserve.gov/aboutthefed/boardmeetings/frn-reg-ii-20231025.pdf Also, I guess what I meant is, the cap used to be 45 cents, and when it was reduced to 21 cents, there wasn’t some massive reduction in prices of products for consumers. Merchants just pocket that difference.