Remove 2010 Remove Consumer Protection Remove Electronic Funds Transfer (EFT)
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Deep Dive: How Payment Card Networks Win Merchants Over

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This is thanks to a 2010 federal law known as the Durbin Amendment, which requires that merchants be able to select from at least two unaffiliated networks through which they can route their transactions. Some are concerned that consumers might be unwilling to wait for and enter codes, instead choosing to abandon their purchases.