WASHINGTON — The Merchants Payments Coalition welcomed President Donald Trump’s renewed commitment to sign the Credit Card Competition Act, saying his support gives retailers’ effort to boost competition in credit card processing added momentum.
At a Nov. 1 rally in Salina, Kan., Trump endorsed Sen. Roger Marshall, R-Kan., the bill’s lead sponsor, and said he would sign it. He linked the legislation to efforts to reduce credit card swipe fees and lower costs for consumers.
The proposal would require banks with at least $100 billion in assets to allow credit card transactions to be processed over at least one unaffiliated network, alongside Visa or Mastercard. Potential alternatives include Star, NYCE and Shazam.
Supporters argue that giving merchants more payment-processing options would spur competition on fees, security, and service. The coalition cited estimates that the legislation would save merchants and their customers $17 billion annually and create 54,000 retail jobs in its first year.
“Whether it’s President Trump or Vice President Vance, White House endorsements of swipe fee reform just keep coming,” said Doug Kantor, an MPC executive committee member.
“But this is not just a White House effort. Affordability is a key issue right now, and members of Congress from across the political spectrum agree that it’s time to stand up for Main Street and bring these fees under control.”
The coalition said the Salina remarks marked the ninth time Trump or Vice President J.D. Vance had called for swipe fee reform. Vance cosponsored the legislation alongside Marshall while serving in the Senate.
The group also highlighted additional congressional support. Sens. Bernie Moreno, R-Ohio, Cynthia Lummis, R-Wyo., and Angus King, I-Maine, joined Marshall and Sens. Dick Durbin, D-Ill., and Peter Welch, D-Vt., as cosponsors in August.
In the House, Rep. Tony Wied, R-Wis., joined the bill in September, bringing the total number of backers to nine, according to the coalition. Reps. Lance Gooden, R-Texas, and Zoe Lofgren, D-Calif., are leading the House effort.
For retailers, the legislation focuses on what the coalition says is most merchants’ largest operating expense after labor. The group said credit and debit card swipe fees hit a record $198.25 billion in 2025, up 80% since the pandemic.
The coalition said swipe fees on U.S. Visa and Mastercard credit cards average 2.36% per transaction. It argues that these costs are built into merchandise prices, affecting shoppers regardless of how they pay.
According to the coalition, Visa and Mastercard control 80% of the market, set the swipe fees charged by banks that issue their cards, and limit processing to their networks. The proposed routing requirement aims to give merchants another option and increase competitive pressure on processing costs.
