The Merchants Payments Coalition (MPC) has expressed support for a new executive order by President Donald Trump aimed at ensuring financial institutions provide equal access to services regardless of political beliefs, religious views, or lawful business practices.
MPC members say the order addresses longstanding concerns from merchants, fintech companies, cryptocurrency firms and other small businesses that face barriers in the payments market. They point to rising credit card swipe fees and limited competition among major networks like Visa and Mastercard, which together control most of the market.
According to industry data, swipe fees for Visa and Mastercard credit cards have quadrupled since 2010, reaching $111.2 billion last year. Total credit and debit card swipe fees were $187.2 billion, often the highest cost for merchants after labor. MPC believes greater competition could help reduce these expenses for businesses and consumers.
The order comes as Congress considers the Credit Card Competition Act, which would require large banks to allow credit card transactions to be processed over at least one alternative network. Supporters say this could enhance security, lower costs and save merchants and customers an estimated $17 billion annually without impacting rewards programs or card usage.
