The Federal Reserve Board has released its biennial report on debit card transactions, offering a summary of data gathered from major debit card issuers and payment card networks. The report is mandated by law and presents statistics for the year 2023.
The document covers several key aspects of debit card activity, including interchange fees, issuer costs, and fraud losses. Interchange fees refer to payments made by merchants to debit card issuers for each transaction conducted with a debit card.
According to the Federal Reserve Board, “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 information compiled in this report is intended to inform policymakers and the public about developments in the U.S. payments system.
