Fed looks to boost competition in debit card payments
New rule will support legal right to at least two payments options for merchants
The Federal Reserve announced on May 7 it would amend regulatory language to stress that debit card issuers must provide at least two independent payment networks for each card.
Currently, many debit card issuers do not provide sufficient payment options for card-not-present payments, the Fed said in a statement. The revised language appears to aim at improving competition in payments.
Under the Dodd-Frank Act of 2010, debit card issuers are required to offer merchants a choice of at least two
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