“This is a monumental development for supermarket retailers and most importantly, their customers. Supermarkets have been prevented by credit card companies from accepting less expensive forms of plastic, ones that do not require the merchant to pay excessive fees just for the privilege of accepting a particular card, thus essentially preventing competition.
The Food Marketing Institute and our members have met with officials from the Justice Department during the past several years to explain how anticompetitive practices used by Visa and MasterCard impact supermarkets. We believe this is a positive development when Justice Department action, supported by seven state attorneys general, mirrors legislation passed by Congress and intended to benefit consumers."
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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