Keith Barnett, a partner with Troutman Pepper, was quoted in the November 30, 2024 The New York Times article, “As Cash Fades, Small Retailers Embrace Efforts to Rein In Swipe Fees.”

That amendment, however, “has not had that great of an effect” on fees, said Keith Barnett, a partner at Troutman Pepper who leads the law firm’s payments practice. The Justice Department, in its antitrust lawsuit, said the amendment initially helped spread debit volume to networks other than Visa, but Visa then used its market dominance to limit competition, undermining the amendment’s intended effects. For example, Visa scaled back JPMorgan Chase’s ability to add Discover’s Pulse network to its Visa-branded debit cards, granting only temporary Pulse access and requiring Chase to enter a routing agreement with Visa, according to the suit.