The negotiated settlement meant to end the longstanding dispute over credit card interchange moved closer to becoming final last week as attorneys for both sides in the dispute proposed a final settlement agreement to the U.S. District Court in New York and made a motion for its approval.
Retail group points to $18 million in savings each day.
A retail group which was not a party to the original anti-trust fight between retailers and major card brands and card issuers over credit card interchange said it is moving closer to taking legal action to try and block a settlement in that case.
National Retail Federation exploring intervention, not a party to the original legal fight.
The National Retail Federation has urged the Federal Trade Commission to move cautiously in establishing regulations for mobile payments.
One indication of how deeply plastic payments have influenced the U.S. retail market has been the explosive growth in gift cards at the expense of cash, checks and other forms of plastic. Not only has the National Retail Federation reported that gift cards have effectively extended the holiday shopping season...
This year saw a regulation capping the interchange card issuers were able to earn on a debit card transaction come into effect for the first time in history.
Saying that the debit card swipe fees set by the Federal Reserve were neither reasonable nor proportional, the National Retail Federation and other groups have sued the agency.
A California credit union's concerns that Los Angeles retailers may be steering their members away from using their credit union-issued debit cards appeared unfounded last week.
California credit union says no more reports turn up, National Retail Federation doubts it, movie theater chain denies it.