In these economic times, it is heart-warming to see retailers reaching out to consumers with an offer that’s almost too good to be true. If the Senate amendment to place government price controls on debit fees becomes law, the nation’s retailers are planning to celebrate in style. No, we’re not talking about passing these savings directly to consumers at the point of sale. We’re talking about…“free gift-wrapping.”
That’s right, you heard correctly, Mallory Duncan, the National Retail Federation’s general counsel, is saying consumers might be offered free gift wrapping services instead of lower prices.
Apologies for the sarcasm, but it’s hard not to raise an eyebrow when proponents of the cynical Senate amendment can’t even keep a straight face about the benefits that would be passed onto consumers if big box retailers see reduced debit card fees. All this while they get to keep all the benefits of electronic payments, including guaranteed payment, faster check out times, and increased sales.
Posted by: Richard Martin, Visa Corporate Relations on May 27, 2010 at 3:43 pm
