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Sept. 14, 2022, 6:53 a.m. EDT

Walmart and Target among 1,600 merchants calling for credit-card fee law, says WSJ

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By Emily Bary
WMT V MA

Merchants such as Target Corp. [s] and Walmart Inc. /zigman2/quotes/207374728/composite WMT -0.35% signed on to a letter asking Congress to pass a law that would require options for the routing of credit-card transactions over alternative networks, according to The Wall Street Journal . Sen. Dick Durbin, an Illinois Democrat, and Sen. Roger Marshall, a Kansas Republican, who introduced such a bill back in July, said that alternate routing options would increase competition and lead to lower swipe fees when people use many Visa Inc. /zigman2/quotes/203660239/composite V -1.04% and Mastercard Inc. /zigman2/quotes/207581792/composite MA -0.42% credit cards. "Swipe fees for credit cards are higher in the United States than anywhere else in the industrialized world-more than seven times as high as Europe," a group of more than 1,600 merchants said in their letter, the Journal reported Wednesday. Debit cards already carry a requirement for routing options in most cases. Visa Chief Financial Officer Vasant Prabhu addressed the proposed legislation at a Goldman Sachs conference earlier this week, saying that there is already "a ton of competition" in the credit-card business and that reductions in interchange fees as a result of any new laws could impact the rewards landscape for consumers.

/zigman2/quotes/207374728/composite
US : U.S.: NYSE
$ 152.97
-0.54 -0.35%
Volume: 4.61M
Nov. 29, 2022 4:00p
P/E Ratio
47.27
Dividend Yield
1.46%
Market Cap
$416.66 billion
Rev. per Employee
$260,918
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/zigman2/quotes/203660239/composite
US : U.S.: NYSE
$ 209.06
-2.20 -1.04%
Volume: 8.99M
Nov. 29, 2022 4:00p
P/E Ratio
30.53
Dividend Yield
0.86%
Market Cap
$435.55 billion
Rev. per Employee
$1.11M
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/zigman2/quotes/207581792/composite
US : U.S.: NYSE
$ 343.13
-1.46 -0.42%
Volume: 1.72M
Nov. 29, 2022 4:00p
P/E Ratio
34.26
Dividend Yield
0.57%
Market Cap
$331.31 billion
Rev. per Employee
$900,833
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