Add as a preferred source on GoogleTrump, Vance Renew Push for Credit Card Competition Act
The bill would require banks to support additional payment networks, potentially reducing fees and challenging Visa and Mastercard’s market share.
President Donald Trump and Vice President JD Vance have renewed support for the Credit Card Competition Act during campaign appearances ahead of the midterm elections, reviving debate over how U.S. credit card transactions are routed.
The bill would require banks to support additional payment networks, giving merchants more choice among networks when processing credit card payments. The legislation could reduce fees and pressure Visa and Mastercard’s market share.
The payment industry argues the measure could hurt consumers and has said passage is unlikely. Visa and Mastercard shares, along with those of other card companies, rose modestly after the renewed attention.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.