How the CFPB’s Data Privacy Rule for Open Banking Could Impact Merchants’ Swipe Fees
Swipe fees, on cards are paid by merchants and are typically 2% to 4% of the transaction. In comparison, fees for pay-by-bank transactions are substantially lower. “Pay-by-bank is free from fees unless banks decide to charge for app use, or an app charges a fee, either on a subscription or on a per-transaction basis,” Martz says.