The ePaymentnews Network reports that Visa and MasterCard are protesting lawmaker’s latest move to regulate the interchange fee that credit card issuers’ member banks charge merchants. This regulation would force MasterCard and Visa to negotiate directly with retailers to come up with an interchange fee for each transaction. If they can not agree on one, a panel of three judges in the Justice Department would establish the rates.
Currently, only huge merchants like Wal-Mart have the authority to negotiate interchange fee rates. It will be interesting to see how this latest legislation will affect the credit card industry. Read the full story here.
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