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29/04/2010 -
Visa has recently raised the interchange rate for its debit cards this month for American retailers to 0.95 percent, nearly a 30 percent increase from previous months. In addition, each card transaction also costs 20 cents, the Huffington Post reports.With banks and card associations imposing fees for companies that accept cards as a form of payment processing, these companies are thus taxed per customer swipe, a fee typically hidden from the public. U.S. banks made more than $48 billion on interchange fees in 2008, triple the amount from 2001, according to the Huffington Post.
Across the pond, on Monday, Visa Europe agreed to cap transaction fees at 0.2 percent for the next four years.
John Emling, senior vice president for government affairs at the Retail Industry Leaders Association said, "without interchange reforms in the U.S., reform in Europe means the credit card industry will look to American retailers and consumers to make up lost revenue," the Huffington Post relays. "As Congress debates comprehensive financial reform, now is the time to bring appropriate oversight and transparency to interchange fees."
In 2008, Visa's global market share, ranked by purchase volume, was first with 60.25 percent, Creditcards.com reported.
