debit card

Merchants seek lower debit-card swipe fees

National Retail Federation asks Federal Reserve to reduce five-year-old cap

The National Retail Federation this week asked the Federal Reserve to lower the five-year-old cap on debit-card swipe fees, saying it was higher than Congress intended.

“In most cases, 24 cents per transaction represents a significant savings over the prior non-competitive pricing,” said Mallory Duncan, NRF senior vice president and general counsel, in a statement. “However, it is still substantially higher than issuers’ incremental costs.”

The NRF’s efforts have been

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