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Surprised that interchange fees have barely moved since 2015
I was digging through old statements from my first processing account back in 2015 and compared them to current ones. The average effective rate on swiped debit cards is still around 0.05% plus 22 cents in most cases, which shocked me given how much everything else has changed. Maybe the big players just have no incentive to shift things, but I figured there would've been more pressure by now. Has anyone else actually run this comparison or noticed the same thing with their own statements?
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the_jenny2mo ago
Did you catch that piece in the Payments Journal a few months back? They dug into this exact thing and basically said the big banks are just fine with the status quo since they make bank on those fixed cents anyway.
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