| June 14, 2010

Consumers don’t want debit amendment

Consumers who prefer to use plastic for payment aren’t too keen about the proposed card amendment, a survey released by Visa finds.

The study found that 83 percent of respondents don’t want the government determining how much companies will pay for debit card transactions and believe that such intervention will result in increased costs for debit card use.

Card holders also feel that companies should pay the fees for credit and debit card transactions instead of the consumer, Visa says the survey revealed.

“These same retailers have lobbied for more than a decade to force consumers to pay their reasonable cost of doing business and the American public clearly sees through this latest cynical effort,” said Visa group executive for the Americas Bill Sheedy.

Illinois Senator Dick Durbin proposed an amendment that would allow businesses to offer discounts to consumers depending on their method of payment. Senator Durbin asserts that card issuers are charging excessive amounts for credit and debit card usage. Supporters of the amendment say it will help small businesses while proponents have asserted such a law will result in more fees being passed onto consumers.

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