A PYMNTS Company

US: Will states knockout consumers’ swipe-fees burden?

By  |  July 9, 2013

Banking groups say independent campaigns are pressuring state legislators to ban surcharges on consumers that would make up for swipe-fees. Longstanding battles between retailers and payments conglomerates like Visa, Mastercard and JPMorgan Chase & Co are attempting to hash-out the disagreement over the swipe-fees, which land on the shoulders of retailers every time consumers swipe their credit cards; one proposed solution is to transfer those fees onto the customers that use credit cards. Now, reports say banks are fighting those fees on consumers, a practice allowed by a January class-action settlement. Banks, which rake in about $40 billion a year from swipe-fees, are now fighting the surcharges on a state level. Reports say Utah has already banned the charges, and New Jersey may soon do the same.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Full Content: Bloomberg

    We’d love to be your preferred source for news.

    Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

    Add as Preferred Source

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.