Discover's Nelm's Blames Visa for Debit Fee Cap Plan

Visa Is to Blame for Debit-Fee Cap Plan, Discover’s Nelms Says

By Peter Eichenbaum

June 24 (Bloomberg) -- Visa Inc., the world’s biggest payments network, is to blame for a U.S. Senate proposal that would cap fees merchants pay to accept debit cards, Discover Financial Services Chief Executive Officer David Nelms said.


“Visa has tremendous market power in this area, and that’s how we ended up here,” Nelms said in an interview today after Riverwoods, Illinois-based Discover posted second-quarter results. “Visa raised prices quite a bit and, I think, took the actions that have led to the legislation in the first place.” <<read more>>

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Read more: http://pindebit.blogspot.com/2010/06/visa-is-to-blame-for-debit-fee-cap-plan.html#ixzz0rszT6DHs