Visa, Mastercard Defend Fees Amid Bipartisan Criticism Of 'Duopoloy' By Lawmakers

The Senate Judiciary Committee held a bipartisan hearing Tuesday addressing concerns over the alleged duopoly of Visa and Mastercard. Lawmakers addressed concerns that Visa and Mastercard's dominance prevents small businesses from negotiating credit card interchange fees. Visa and Mastercard executives defended the fees, citing the costs of maintaining payment security and infrastructure. Senators Dick Durbin and Roger Marshall introduced the Credit Card Competition Act, requiring large banks to offer an alternative payment network to Visa and Mastercard.