Dec 9, 2015
December 9, 2015 – ARLINGTON, VA – Today, the European Union (EU) set a precedent for a more competitive marketplace, requiring card networks to limit the swipe fee on Visa and MasterCard transactions. Food Marketing Institute (FMI) offered the following statement in favor of the EU’s stance:
“Grocery stores are in the business of customer service, and our slim profit margins certainly reflect the fact that we’re in the business of food and people,” Jennifer Hatcher, FMI’s senior vice president of government and public affairs, said. “FMI’s members range from business owners who own and operate one-to-two stores, to regional supermarkets to global parent companies that all vary in size, geographic location and offerings, yet they all agree that U.S. businesses and customers pay the highest swipe fees in the world due to the lack of a competitive payments card market.”
Hatcher continued, “The European Union today has put a system in place designed to encourage competition in payments by setting maximum swipe fees at 0.2 percent on debit card transactions and 0.3 percent on credit transactions. If 28 countries can work together to achieve this change, we are encouraged that the U.S. could put a similarly competitive system in place.”
FMI is a member of the Merchants Payments Coalition, which serves to influence credit and debit reform. For more information, visit www.unfaircreditcardfees.com and follow @reformswipefees
“Grocery stores are in the business of customer service, and our slim profit margins certainly reflect the fact that we’re in the business of food and people,” Jennifer Hatcher, FMI’s senior vice president of government and public affairs, said. “FMI’s members range from business owners who own and operate one-to-two stores, to regional supermarkets to global parent companies that all vary in size, geographic location and offerings, yet they all agree that U.S. businesses and customers pay the highest swipe fees in the world due to the lack of a competitive payments card market.”
Hatcher continued, “The European Union today has put a system in place designed to encourage competition in payments by setting maximum swipe fees at 0.2 percent on debit card transactions and 0.3 percent on credit transactions. If 28 countries can work together to achieve this change, we are encouraged that the U.S. could put a similarly competitive system in place.”
FMI is a member of the Merchants Payments Coalition, which serves to influence credit and debit reform. For more information, visit www.unfaircreditcardfees.com and follow @reformswipefees
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