The legal way might put pressure on Visa and MC, their attempt at a settlement failed last year [1]. I don't know what happened next.
> The settlement may now need to be renegotiated, or the case could go to trial.
> "Swipe fees are an improper and unnecessary hidden tax on consumers," said Jeffrey Shinder, a Constantine Cannon partner representing Amazon.com Inc (AMZN.O), Costco Wholesale Corp (COST.O), Wal-Mart Stores Inc (WMT.N) and other opponents of the accord. "The structure of swipe fees is back on the table."
Anyone knows if the case went to trial after that court of appeals decision?
To compare, in the E.U. [2], "the Regulation caps interchange fees for consumer debit cards to 0.2 % and consumer credit cards to 0.3 % of the value of the transaction.". In the U.S. the fees today seem to be 10x higher[3].
> The settlement may now need to be renegotiated, or the case could go to trial.
> "Swipe fees are an improper and unnecessary hidden tax on consumers," said Jeffrey Shinder, a Constantine Cannon partner representing Amazon.com Inc (AMZN.O), Costco Wholesale Corp (COST.O), Wal-Mart Stores Inc (WMT.N) and other opponents of the accord. "The structure of swipe fees is back on the table."
Anyone knows if the case went to trial after that court of appeals decision?
To compare, in the E.U. [2], "the Regulation caps interchange fees for consumer debit cards to 0.2 % and consumer credit cards to 0.3 % of the value of the transaction.". In the U.S. the fees today seem to be 10x higher[3].
[1] http://www.reuters.com/article/us-visa-mastercard-settlement...
[2] http://europa.eu/rapid/press-release_MEMO-16-2162_en.htm
[3] https://www.richmondfed.org/~/media/richmondfedorg/publicati...