Payments News

Debit-Card Reform Saved Consumers and Main Street Almost $50 Billion and Supported 225,000 Jobs

Oct 10, 2017
Washington, D.C. (Oct. 9, 2017) – Since it took effect six years ago, debit-card reform has saved consumers and small businesses nearly $50 billion and supported 225,000 jobs.

Before reform started Oct. 1, 2011, just two giant companies – Visa and MasterCard –price-fixed the fees banks charged merchants when a customer swiped a debit card to pay for something.

Reform gave banks an incentive to finally compete and lowered these excessive “swipe fees.”

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