Lawmakers from both the House of Representatives and Senate have come together to introduce a groundbreaking bill known as the Credit Card Competition Act of 2023. The bipartisan legislation looks to address the dominance of the Visa-Mastercard duopoly in the credit card network market by promoting competition and choice.
Visa and Mastercard account for 83% of general-purpose credit cards and charge $93 billion in fees. By promoting competition and offering consumers more choices, this legislation seeks to lower fees and alleviate the financial burden on consumers.
Lawmakers say the act will allow for a more competitive landscape, resulting in potential savings for consumers. By introducing a choice of credit card networks and promoting market competition, this legislation would empower consumers, increase transparency, and alleviate the financial burden many face that is caused by excessive credit card fees.
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