August 11, 2021 – Today Financial Innovation Now urged the Federal Reserve Board of Governors to adopt its proposed rule to promote competition in debit card routing networks online.

In a letter to the Board, FIN states, “Following the onset of the COVID-19 pandemic, card-not-present transactions have become an increasingly large portion of all debit card transactions.  Throughout the pandemic, FIN members have provided services that helped American businesses and their customers make and process transactions online and have observed how limited routing options for card-not-present transactions have reduced competition for online transactions.”

The Board recently proposed clarifying that debit card transactions must be able to be processed on at least to unaffiliated payment card networks, including ‘card-not-present’ transactions online.

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