Senator Josh Hawley from Missouri grills the credit card companies Visa and Mastercard over the duopoly they hold!

Senator Josh Hawley from Missouri grills the credit card companies Visa and Mastercard over the duopoly they hold!

Their profit margins are over 50%!! Grocery stores profit margin is only, 1-3%!

Senator Josh Hawley from Missouri grills the credit card companies Visa and Mastercard over the duopoly they hold!

Their profit margins are over 50%!! Grocery stores profit margin is only, 1-3%!

Josh Hawley calls out big credit card swipe networks for dominating the… https://t.co/oKYxrBI3Ev pic.twitter.com/eOCnRbihMS

— Wall Street Mav (@WallStreetMav)November 20, 2024

Josh Hawley calls out big credit card swipe networks for dominating the market, making HUGE profit at the expense of small businesses, and STILL trying to stifle competition. "I'm having a hard time finding that position defensible, let alone sympathetic."

Europe has more competition and as a result the swipe fees are much lower. The Credit Card Competition Act would introduce more competition into the American market.

News from around the world