Corporate mega-stores are reportedly advocating for new mandates on Americans' credit cards, which some argue could lead to significant profits for large retailers while transferring costs and risks to consumers, small businesses, and community financial institutions. The Electronic Payments Coalition has released a fact sheet addressing the current state of the nation's card payment systems.
The coalition emphasizes the importance of investing in new technologies and establishing national data security standards as means to strengthen the payment system.
"These mandates are nothing more than a market-distorting scheme that would hand massive profits to the biggest retailers while shifting the costs and risks to consumers, small businesses, and community financial institutions," stated a representative from the coalition.
The ongoing discussion highlights concerns over potential impacts on various stakeholders within the financial ecosystem.