Bipartisan support for the Credit Card Competition Act has surged since it was introduced last year.
say the bill will actually hurt consumers by diminishing popular credit card rewards programs and lessening fraud protections.
"It's time to inject real competition into the credit card network market, which is dominated by the Visa-Mastercard duopoly," Sen. Dick Durbin, D-Ill., said in a statement to CNBC. He's a sponsor of the bill and one of its most outspoken advocates. The new legislation would require banks with assets over $100 billion to provide customers with a choice of at least two different payment networks to process credit card transactions. The bill also stipulates that Visa and Mastercard can only account for one of the choices as a way to prevent the two largest networks from being the only options offered to merchants.
175 countries worldwide. ""Relative to every other country Shopify operates in, interchange fees are the highest in America," Finkelstein said.
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