Payments News

Debit Swipe Fee Reform Has Now Saved Almost $50 Billion and Supported 225,000 Jobs

Nov 01, 2017
The debit swipe fee reforms that took effect six years ago as part of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act have accomplished exactly what they were supposed to. They’ve brought transparency and competition to a marketplace historically void of it by preventing Big Banks from price fixing interchange fees. 

In fact, consumers and small business have saved nearly $50 billion and an estimated 225,000 jobs are still around because of the reforms. That’s according to a study by prominent economist Robert Shapiro. That’s big news for the independent supermarket industry. Debit swipe fees are the second largest cost for independent grocers after labor and the only one they’re unable to control. In other words, they’re largely at the mercy of the banks.

Read full article:
https://www.nationalgrocers.org/blog/blog-detail/nga-blog/2017/11/01/debit-swipe-fee-reform-has-now-saved-almost-$50-billion-and-supported-225-000-jobs