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News Now

Washington
MasterCard says 7-Eleven misled consumers on interchange
WASHINGTON (10/2/09)—MasterCard Inc. released a study that charges consumers were misled by a 7-Eleven Inc. petition intended to drum up support for interchange fee regulations. On Wednesday, 7-Eleven executives made a dramatic deliver of 15,000 booklets of signatures to federal lawmakers as part of merchants’ push for interchange rate reform. This summer, MasterCard commissioned KRC Research to survey more than 1,000 adults in August and then again in September on interchange issues (American Banker Oct. 1). Seventy-three percent of the respondents, half contacted online, half by phone, agreed with the statement "the cost of accepting credit card payments" is a business cost merchants should bear, and 71% agreed that it is unfair for consumers to pay merchants' expenses for accepting cards. However, 80% of people who signed the petition "mistakenly believed," according to the MasterCard report, that consumers would benefit from lower interchange rates. (See related story: House interchange hearing on Oct. 8)


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