MASTERCD : MasterCard Statement on Debit Interchange Fee Study Act
03/15/2011 | 12:00pm
MasterCard is pleased that members of the United States Senate have come
together to introduce the Debit Interchange Fee Study Act, a bill
calling for a study and delay in the implementation of the Durbin
Amendment. Since the passage of the Durbin Amendment and following the
Federal Reserve's proposed rules, concerns regarding the impact have
been raised by organizations representing small financial institutions
and credit unions, consumer groups, a variety of federal regulatory
bodies and consumers themselves.
?We are encouraged by the bipartisan support calling for a study and
delay of the Durbin Amendment and if passed, the bill will enable
Congress to take the necessary time to examine the Amendment and study
its potential effects on consumers,? said Noah J. Hanft, MasterCard
general counsel. ?We are confident that a study will show that directing
the government to fix prices rather than letting the free market system
work will result in higher prices for consumers.?
About MasterCard Worldwide
As a leading global payments company, MasterCard Worldwide prides itself
on being at the heart of commerce, helping to make life easier and more
efficient for everyone, everywhere. MasterCard serves as a franchisor,
processor and advisor to the payments industry, and makes commerce
happen by providing a critical economic link among financial
institutions, governments, businesses, merchants, and cardholders
worldwide. In 2010, $2.7 trillion in gross dollar volume was generated
on its products by consumers around the world. Powered by the MasterCard
Worldwide Network – the fastest payment processing network in the world
– MasterCard processes over 23 billion transactions each year and has
the capacity to handle 160 million transactions per hour, with an
average network response time of 130 milliseconds and with 99.99 percent
reliability. MasterCard advances global commerce through its family of
brands, including MasterCard®, Maestro®, and Cirrus®; its suite of core
products such as credit, debit, and prepaid; and its innovative
platforms and functionalities, such as MasterCard PayPass? and
MasterCard inControl®. MasterCard serves consumers, governments, and
businesses in more than 210 countries and territories. For more
information, please visit us at www.mastercard.com.
Follow us on Twitter: @mastercardnews.
Media:
MasterCard Worldwide
James Issokson, 914-249-6286
james_issokson@mastercard.com
© Business Wire 2011
