Consumer watchdog organization Accountable.US has released a report accusing financial powerhouses Visa and Mastercard of maintaining a duopoly that suppresses competition in the debit and credit card payments industry. The report alleges that these two companies have spent over $80 million lobbying against legislation designed to grant competitors access to the payments market.

According to Accountable.US, Visa and Mastercard, which command a substantial share of credit and debit card transactions in the U.S., are largely responsible for the high swipe fees that burden both consumers and businesses. Liz Zelnick, director of the organization’s economic security and corporate power program, emphasized that the lack of competition is placing a significant financial strain on small business owners and their customers. She urged Congress to take decisive action against these anti-competitive practices.

The report also points to the U.S. Department of Justice’s recent antitrust lawsuit against Visa, which accuses the company of engaging in tactics aimed at discouraging institutions from partnering with rival payment service providers. Zelnick argued that this legal action highlights the urgent need for Congress to equip federal regulators with the necessary tools to foster a fair marketplace. She advocates for the passage of the Credit Card Competition Act, a legislative proposal introduced by Senators Dick Durbin and Lance Gooden.

This bipartisan bill, which has garnered support from current Republican vice presidential candidate J.D. Vance, seeks to tackle the very issues raised in the report. However, as of now, the Senate has not yet scheduled a discussion or vote on the proposed legislation, leaving the future of competition in the payments industry uncertain.