President Trump has endorsed the Credit Card Competition Act. Americans are paying swipe fees on debit/credit card transactions that are 2x larger than Canadians and 7x larger than Europeans. Due to lack of competition in payment networks, the US market is dominated by Visa/MC networks. Those fees cost American families each about $1,200 per year. Visa and Mastercard have a duopoly with profit margins above 50% due to this lack of competition.(Wall Street Mav)