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Electronic Payments Coalition Statement on GAO Report on Credit and Debit Cards
Thursday, May 15, 2008
WASHINGTON, May 15 /PRNewswire-USNewswire/ -- The Electronic Payments
Coalition commends the GAO report released today that enumerates the
invaluable benefits that the federal government receives by accepting and
using credit and debit cards.
This report has been released as some members in Congress advocate placing
price controls on the electronic payments industry. By providing examples of
other countries where such price controls have been attempted, the report
reveals flaws in such an approach and illustrates the adverse effects on
consumers that resulted in such attempts.
Through the use of credit cards, the federal government has been able to
improve the efficiency and management of U.S. tax dollars through reduced
costs associated with bad checks and even cash thefts.
The federal government not only benefits from using credit cards, but also
from accepting credit card payments. Entities such as Amtrak, the U.S. Postal
Service, and the U.S. Mint reported increased revenue -- particularly online
-- due to credit and debit card acceptance.
The GAO also found that the federal government has proactively worked to
reduce its expenses associated with card use, including obtaining one of the
lowest interchange rates available. Notably, these rates have stayed
relatively stable in recent years.
The Electronic Payments Coalition and its members hope that the benefits
of credit and debit card use demonstrated in this report will further convince
Congress that intervention in this functioning market would be harmful to all
participants in the credit and debit market.
About Electronic Payments Coalition
The Electronic Payments Coalition is dedicated to protecting consumer
value, choice, and competition in electronic payments systems. The coalition
is a broad-based group of payment card networks, financial services companies,
and financial services trade associations whose primary goal is to educate
policy-makers, consumers, and the media about the value of electronic payments
systems -- including economic growth, convenience, speed, reliability, and
security -- and to ensure the continued growth of global commerce by promoting
consumer choice and the stability of the vast payment networks that connect
millions of consumers with millions of retailers each and every day.
SOURCE Electronic Payments Coalition
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