Merchants Payments Coalition has released statistics around the debit-card reform based on the study conducted by Robert Shapiro, an economist and advisor to presidents, prime ministers and Fortune 100 companies.
According to Shapiro’s analysis, in 2012, consumers saved nearly $6bn and merchants created 37,500 new jobs when debit-card reform was introduced. Over the three-year period ever since, this translates into savings of almost $18 billion for consumers and creation of more than 100,000 new jobs by merchants.
Lyle Beckwith, senior vice president of government relations for NACS, the national convenience-store trade association, and a member of the Merchants Payments Coalition, which represents merchants in the fight against outrageous fees, said: "Debit reform has been good for consumers and good for businesses.
"Everyone has saved now that there are some limits on price-fixing by card networks."