U.S. lawmakers, including Senator Dick Durbin are again urging Mastercard and Visa to drop their planned card fee hike.
The two major payment networks plan this month to increase the fees that many large merchants pay when they accept credit cards from consumers.
In a letter sent to the payment networks on Friday, lawmakers said the fee increases would ultimately trickle down to shoppers who are already struggling with runaway inflation, The Wall Street Journal reports.
It is worth mentioning that the fee hikes were originally slated to take effect from April 2020. The payment giants postponed the hikes 2 times under pressure from retailers and Senator Dick.
Over the last year, inflation in the U.S. has accelerated at its quickest rate in more than 40 years, putting pressure on American consumers and wiping out salary rises for many.
According to the Labor Department, the consumer price index increased by 8.5 percent in March from a year earlier, the most year-over-year increase since 1981.
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