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Electronic Payments Coalition |

EPC Q4 2022 Data Dashboard

Today, the Electronic Payments Coalition (EPC) released its 2022 Q4 Data Dashboard, providing a quarterly update on various data related to the credit and debit card system, including interchange and merchant discount rates, holiday spending, and consumer stress. This quarter’s Dashboard features the increase in Card-Not-Present (CNP) fraud alongside the growing popularity of electronic payments, especially amid the height of the COVID-19 pandemic. 
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Electronic Payments Coalition |

A Message to New Members of the 118th Congress: Electronic Payments Have Never Been More Valuable to America’s Economy

Electronic payments are the cornerstone of America’s economy. They empower consumers, strengthen small businesses, and uphold financial infrastructure. As America’s credit unions, community banks, payment networks, FinTechs, and financial institutions, the Electronic Payments Coalition (EPC) supports the backbone of our economic system—electronic payments—and defends it against threats. As you enter the 118th United States Congress, here’s what you need to know about electronic payments, and what they mean to the American economy: The Value of Electronic Payments The electronic payments system is tremendously valuable to small businesses, financial institutions, and consumers alike. Here’s how: Electronic payments… Bolster Consumer Spending: Consumer spending, which has long been the most important factor in U.S. economic growth, continues to be fueled by the innovation of electronic payments. Even during the COVD-19 outbreak, electronic payments allowed small businesses to pivot to online sales, curbside pick-up, and in-store self-checkout. Protect Consumers’ Data: Payment networks have been at the forefront of consumer data security for years. Following the industry-led transition to EMV chip cards in 2015, U.S. counterfeit card fraud fell by nearly half. Additionally, value lost to counterfeit fraud in the U.S. fell by 46% from 2016 to 2021. As consumer shopping habits continue to shift
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Electronic Payments Coalition |

Competition in the Payments Space: Debunking the Myths about Competition

There is intense competition in payments, facilitated by the rise of e-commerce and new market entrants during the pandemic. The payments market is much broader than traditional players with new entrants that give consumers many options to pay including global brands such as American Express, Discover, JCB, and alternative payment players such as PayPal, Klarna, Afterpay, and Block.
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American Bankers Association |

State Banking Associations from All 50 States Send Letter to Congress Opposing the Credit Card Competition Act

The American Bankers Association (ABA) was joined by state banking associations from all 50 states and Puerto Rico in sending a letter to Congressional leadership, opposing the inclusion of the Durbin-Marshall bill (S. 4674) (H.R. 8874) in the lame duck session of Congress. The letter highlights the detrimental harm that the bill’s credit routing mandates would have on consumers, community banks, and credit unions. 
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