Walmart, Target Urge Lawmakers to Pass Bill Taking Aim at Visa, Mastercard Fees

by | Sep 14, 2022 | Business

More than 1,600 merchants including Walmart and Target are urging U.S. lawmakers to pass legislation that aims to break the hold that Visa and Mastercard have over the credit-card market. The bill, which Sen. Richard Durbin (D., Ill.) and Sen. Roger Marshall (R., Kan.) introduced in July, would give merchants the right to route many credit-card payments over networks other than Visa and Mastercard. In a letter this week to all members of Congress, the merchants said the proposed legislation would increase competition, leading to a reduction in the fees they pay when they accept credit cards.

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