"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 (FMI) conducts programs in public affairs, food safety, research, education and industry relations on behalf of its nearly 1,250 food retail and wholesale member companies in the United States and around the world. FMI’s U.S. members operate more than 25,000 retail food stores and almost 22,000 pharmacies with a combined annual sales volume of nearly $650 billion. FMI’s retail membership is composed of large multi-store chains, regional firms and independent operators. Its international membership includes 126 companies from more than 65 countries. FMI’s nearly 330 associate members include the supplier partners of its retail and wholesale members.
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