Since taking office, President Trump has championed American businesses and fought to ensure consumers are treated fairly. To uphold these values, the president should turn his attention to unfair practices used by major payment card companies that result in higher risks for shoppers and therefore less economic progress.
Right now, the standards for keeping your credit or debit card information secure when inserting, swiping, or tapping your card are set by an organization called EMVCo, which was founded in 1999 by MasterCard. Unfortunately, EMVCo is operated mainly by the largest card networks and, as a recent paper from the Retail Payment Global Consulting Group shows, the networks have abused that power to prevent competition from smaller, more innovative payment networks.
Read Full Article »