Lawmakers Call for Breakup of Visa and Mastercard Duopoly Amid $100 Billion Credit Card Fees

Nov 24, 2024, 07:37 AM

Visa and Mastercard, which have a combined market cap of over $1 trillion and control 80% of the market, are facing criticism for their high credit card fees. In 2023 alone, these fees amounted to more than $100 billion, impacting both retailers and consumers. Merchants argue that these swipe fees contribute to inflationary pressures as the costs are passed onto consumers. Lawmakers are calling for the breakup of this duopoly to foster more competition and lower fees, which would help small businesses stay afloat. The CEOs of Visa and Mastercard make millions of dollars a year, and a common sense, bipartisan approach is being suggested to end this stranglehold.