Walmart, Target Urge Lawmakers to Pass Bill Taking Aim at Visa, Mastercard Fees

More than 1,600 merchants including Walmart and Target are urging U.S. lawmakers to pass legislation that aims to break the hold that Visa and Mastercard have over the credit-card market.

The bill, which Sen. Richard Durbin (D., Ill.) and Sen. Roger Marshall (R., Kan.) introduced in July, would give merchants the right to route many credit-card payments over networks other than Visa and Mastercard. In a letter this week to all members of Congress, the merchants said the proposed legislation would increase competition, leading to a reduction in the fees they pay when they accept credit cards.