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Visa: Consumers oppose reform if it makes debit transactions more expensive
By Oscar Monfort on Jun 19th, 2010
A recent survey from card network Visa showed that respondents may be against certain regulations tied to the use of debit and credit cards.
According to the poll, 75 percent of respondents said they would oppose financial reform if it means that they will pay more for using debit cards. Recently, the Senate passed a financial reform bill that would allow merchants to offer discounts for consumers who use cash for transactions, while also letting them set minimums for card transactions.
Card networks like Visa and MasterCard charge merchants interchange fees for accepting cards as a form of payment. However, businesses contend that smaller transactions may end up costing them money, which is why they have pushed for this type of regulation.
"These same retailers have lobbied for more than a decade to force consumers to pay their reasonable cost of doing business and the American public clearly sees through this latest cynical effort," Visa executive Bill Sheedy said.
Other reforms would allow further regulation of credit cards themselves, while the government also passed the Credit Card Accountability, Responsibility and Disclosure Act last year. The act may make it easier for people to connect with consumer credit counseling agencies.
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