"We applaud the decision by the Reserve Bank of Australia to preserve interchange or swipe fee reforms, which have increased transparency and competition and lowered the rates — now saving Australian retailers and consumers more than $1 billion a year.”
“Americans deserve this same relief, especially in today’s economy. Unchecked by competition or any government oversight, swipe fees cost nearly $50 billion a year, hidden from consumers, fixed by the credit card companies and banks and exceeding the combined total of annual fees, penalties and cash-advance fees.”
Background:
Food Marketing Institute proudly advocates on behalf of the food retail industry. FMI’s U.S. members operate nearly 40,000 retail food stores and 25,000 pharmacies, representing a combined annual sales volume of almost $770 billion. Through programs in public affairs, food safety, research, education and industry relations, FMI offers resources and provides valuable benefits to more than 1,225 food retail and wholesale member companies in the United States and around the world. FMI membership covers the spectrum of diverse venues where food is sold, including single owner grocery stores, large multi-store supermarket chains and mixed retail stores. For more information, visit www.fmi.org and for information regarding the FMI foundation, visit www.fmifoundation.org.
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