Credit/Debit Cards

EPC: NRF appeal of interchange settlement a “political ploy”

Electronic Payments CoalitionThe Electronic Payments Coalition recently called the appeal of a settlement involving interchange fees by merchants a “political ploy” by a handful of retailers.

“This is simply a political ploy by a few big box retailers—for whom enough is never enough—that disregards the millions of retailers who are supportive of the settlement,” the EPC said. “These same tired arguments were raised over and over during the negotiations and would have been included in the final terms if they had any merit.”

The statement was issued in response to the National Retail Federation’s rejection of a settlement over credit card swipe fees. Last week, the NRF—the world’s largest retail trade association—filed an appeal of the settlement, which the group said is “flawed.”

U.S. District Judge John Gleeson approved the multi-billion settlement, which would reduce interchange rates for merchants and protect credit card companies Visa and MasterCard from future litigation, earlier last month.

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