The clarification to the Durbin Amendment states: "that debit card issuers should enable at least two payment card networks to process all debit card transactions, including "card-not-present" transactions, such as online payments." Effective July 1st, 2023, all debit transactions should be enabled for routing by merchants in the U.S.
CMSPI estimates that merchants save $1 billion every year due to debit routing competition in-store - a figure that could increase by $3 billion as the industry fully adopts debit routing competition for digital payments. If that same competition were extended to credit cards, CMSPI estimates an additional $11 billion+ in annual savings for merchants.
“CMSPI welcomes the U.S. Federal Reserve announcement clarifying that debit routing competition, which has been existing law for over a decade, applies to all online and digital transactions.”