Increased Credit Card Competition: Lower Fees for Merchants
New rules aim to boost competition among credit card transaction processing networks. This means stores will have more choices for processing payments, potentially leading to lower fees for merchants. As a result, citizens might see lower prices for goods and services, as businesses' costs could decrease.
Key points
Credit card issuers cannot restrict transaction processing to one or two affiliated networks.
Merchants will have the freedom to choose which network processes credit card payments, aiming to increase competition and lower costs.
Penalties for merchants choosing alternative processing networks will be prohibited.
The Federal Reserve will create a list of payment networks posing national security risks or owned by foreign entities.
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