Austen Jensen, senior vice president, government affairs at the Retail Industry Leaders Association, issued the following statement in response to news broke today by the WSJ that Visa and Mastercard are planning to raise swipe fees:
“It’s reprehensible for Visa and Mastercard to think now is an appropriate time to increase swipe fees. Retailers are doing everything they can for American families and businesses under extraordinary inflation pressures, supply chain challenges, harmful tariffs and talent shortages. Global events are unnerving and contributing to unstable economic conditions making now the worst time to add additional costs for American consumers.
“If Visa and Mastercard choose to move ahead in the coming weeks with these swipe fee increases, it will show they have prioritized squeezing consumers over supporting those facing significant economic hardships. Retailers, the millions of workers they employ and the customers they serve, implore Visa and Mastercard to halt these increases, and recognize now is not the time to ratchet up their fees.”
RILA is the US trade association for leading retailers. We convene decision-makers, advocate for the industry, and promote operational excellence and innovation. Our aim is to elevate a dynamic industry by transforming the environment in which retailers operate.
RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $1.5 trillion in annual sales, millions of American jobs, and more than 100,000 stores, manufacturing facilities, and distribution centers domestically and abroad.