Like its Senate companion, the House bill seeks more card network competition as merchants fight for lower interchange — or “swipe” — fees. Those fees, typically around 2%, are what merchants pay to route transactions through the card giants’ networks.
A Visa spokesperson declined to comment on the House bill. A Mastercard spokesperson deferred to the Electronic Payments Coalition (EPC). That trade group urged legislators to reject “harmful credit card routing mandates,” according to a spokesperson.
