Though Congress passed a law capping debit card issuers’ per-transaction interchange income at essentially 24 cents—about half the average issuer take previously—many merchants remain convinced issuers still earn sizable profits from their debit card transactions. A new 35-page report released by the Federal Reserve Board...
April 07, 2015
Apple Pay is violating the Dodd-Frank Act’s Durbin amendment, retailer groups say — at least the way Apple’s mobile payments system is currently implemented — and the groups are calling on Apple, Visa and MasterCard to meet the requirements of the law, American Banker reported on Monday (April 6). The problem: Durbin requires that merchants […]
