Visa, Mastercard Fees to Hurt Consumers, Sen. Dick Durbin Says

Sen. Dick Durbin and other lawmakers are urging Visa Inc. and Mastercard Inc. to scrap their planned card fee increases.

The two big payments networks are planning this month to raise the fees that many large merchants pay when they accept consumers’ credit cards, The Wall Street Journal previously reported. In a letter sent to the networks Friday, lawmakers said the fee increases would ultimately trickle down to shoppers who are already struggling with runaway inflation.

Source: WSJ