The Federal Reserve is gearing up to introduce a proposal to reduce the fees merchants must pay to banks when customers make purchases using debit cards. The fees have remained unchanged for a decade.
For each transaction, merchants must pay major card issuers a fee of 21 cents, coupled with an additional 0.05% of the total transaction value, a standard instituted by the Federal Reserve in 2011.
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However, a shift is on the horizon as the central bank has announced its plans to convene a meeting to deliberate on a proposal to revise this fee cap, the Wall ...