The Federal Reserve Board has released its biennial report on debit card transactions, summarizing data collected from major debit card issuers and payment card networks. The report, which is a legal requirement, covers information about interchange fees, issuer costs, and fraud losses for debit card transactions that took place in 2023.
Interchange fees are payments made by merchants to debit card issuers for each transaction involving a debit card.
“The report, required by law, provides data on interchange fees, issuer costs, and fraud losses related to debit card transactions performed in 2023. Interchange fees are paid by merchants to debit card issuers for each debit card transaction,” the Federal Reserve Board stated.