<p>作者：Emily Bary</p>
<p>投资者似乎对特朗普总统支持一项要求提供低成本信用卡路由替代方案的措施感到紧张。</p>
<p>特朗普总统在夜间思考了一项提案，如果实施，可能会对 Visa 和万事达造成挑战。</p>
<p>Visa（V）和万事达（MA）可能面临比特朗普总统提议将信用卡利率上限设定为 10% 更大的问题。</p>
<p>这两家公司运营支付处理网络，但并不像美国运通（AXP）、资本一号（COF）和 Synchrony Financial（SYF）那样直接向消费者放贷。这意味着在特朗普的利率上限情景下，如果放贷方选择收紧信用访问，这些公司可能会看到支出量下降。但他们不需要像放贷方那样大幅改变商业模式。</p>
<p>但特朗普的另一个举动可能对 Visa 和万事达的运营构成更大威胁。总统在夜间思考了复兴《信用卡竞争法案》的可能性，该法案将要求商家获得除了这两大网络提供的选项之外的替代和低成本信用卡路由选择。这在借记卡市场中已经存在。</p>
<p>支持者近年来一直难以为该法案找到动力。现在，特朗普在 Truth Social 上的评论表明该措施可能会重新获得生机。</p>
<p>“每个人都应该支持伟大的共和党参议员罗杰·马歇尔的《信用卡竞争法案》，以制止失控的刷卡费剥削，” 特朗普在周二早上写道。</p>
<p>根据道琼斯市场数据，周二中午，Visa 的股价下跌了 4.8%，接近自 2025 年 6 月 18 日以来的最大跌幅（4.9%）。万事达的股价下跌了 5.2%，也接近自该日期以来的最差日表现。</p>
<p>“很难积极看待最低成本信用路由的前景，” 威廉·布莱尔分析师安德鲁·杰弗里在周二写道。“虽然我们认为 Visa 和万事达会采取措施减轻影响，受益于内在的成本优势，保持定价权，并拥有快速增长的 [服务] 产品，但他们几乎肯定会遭受至少短期的财务打击。”</p>
<p>杰弗里及其团队称 CCCA 为 “我们认为高卡成本非问题的有缺陷解决方案。”</p>
<p>沃尔夫研究分析师达林·佩勒写道，特朗普的最新评论 “增加了对利率上限提案的噪音和担忧”，而该提案本身被视为不太可能实施。</p>
<p>佩勒指出，“尽管人们认为监管环境宽松，但对不仅针对发行方而且针对更广泛金融领域的对抗性方法的潜在担忧。”</p>
<p>但大多数投资者 “也将其视为特朗普为了在国会获得广泛立法支持并在中期选举中积累动力而进行的姿态，而这些法律的实施并没有太大实质性。” 他继续说道。</p>
<p>-Emily Bary</p>
<p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻社和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻社</p>
<p>01-13-26 1224ET</p>

万事达

<p>Visa 和万事达的股票大幅下跌，Visa 下跌 4.8%，万事达下跌 5.2%，原因是人们对特朗普总统支持《信用卡竞争法》的担忧。该提案可能要求商家获得替代的、成本更低的信用卡路由选项，这可能会影响公司的运营。分析师对该法案的成功潜力表示怀疑，认为这是一种解决高卡费的缺陷方案。投资者对信用获取和监管环境的影响感到谨慎，解读特朗普的言论为中期选举前的政治姿态</p>

<p>By Emily Bary</p>
<div class="lb-trans"><p>作者：Emily Bary</p>
</div><p>Investors seem jittery about Presisent Trump's support of a measure that would require a lower-cost alternative for credit-card routing</p>
<div class="lb-trans"><p>投资者似乎对特朗普总统支持一项要求提供低成本信用卡路由替代方案的措施感到紧张。</p>
</div><p>President Donald Trump mused overnight about a proposal that, if enacted, could pose challenges to Visa and Mastercard.</p>
<div class="lb-trans"><p>特朗普总统在夜间思考了一项提案，如果实施，可能会对 Visa 和万事达造成挑战。</p>
</div><p>Visa (V) and Mastercard (MA) may have a bigger problem than President Trump's proposal to cap credit-card interest rates at 10% for a year.</p>
<div class="lb-trans"><p>Visa（V）和万事达（MA）可能面临比特朗普总统提议将信用卡利率上限设定为 10% 更大的问题。</p>
</div><p>The two companies run networks for payment processing, but they don't actually lend to consumers the way American Express (AXP), Capital One (COF) and Synchrony Financial (SYF) do. That means that under Trump's rate-cap scenario, the companies could see lower spending volume if lenders opt to tighten credit access. But they wouldn't have to dramatically alter their business models like the lenders might have to.</p>
<div class="lb-trans"><p>这两家公司运营支付处理网络，但并不像美国运通（AXP）、资本一号（COF）和 Synchrony Financial（SYF）那样直接向消费者放贷。这意味着在特朗普的利率上限情景下，如果放贷方选择收紧信用访问，这些公司可能会看到支出量下降。但他们不需要像放贷方那样大幅改变商业模式。</p>
</div><p>But another Trump move may be more of a threat to how Visa and Mastercard operate. Overnight, the president mused about a resurrection of the Credit Card Competition Act, which would require merchants get a choice of an alternative and lower-cost credit-card routing option beyond what the two major networks offer. This already exists in the debit market.</p>
<div class="lb-trans"><p>但特朗普的另一个举动可能对 Visa 和万事达的运营构成更大威胁。总统在夜间思考了复兴《信用卡竞争法案》的可能性，该法案将要求商家获得除了这两大网络提供的选项之外的替代和低成本信用卡路由选择。这在借记卡市场中已经存在。</p>
</div><p>Backers have struggled to find momentum for that bill in recent years. Now, Trump's Truth Social comments suggest the measure might see new life.</p>
<div class="lb-trans"><p>支持者近年来一直难以为该法案找到动力。现在，特朗普在 Truth Social 上的评论表明该措施可能会重新获得生机。</p>
</div><p>&#34;Everyone should support great Republican Senator Roger Marshall's Credit Card Competition Act, in order to stop the out of control Swipe Fee ripoff,&#34; Trump wrote early Tuesday morning.</p>
<div class="lb-trans"><p>“每个人都应该支持伟大的共和党参议员罗杰·马歇尔的《信用卡竞争法案》，以制止失控的刷卡费剥削，” 特朗普在周二早上写道。</p>
</div><p>Visa shares were falling 4.8% in midday action Tuesday, toward their worst drop since a 4.9% fall on June 18, 2025, according to Dow Jones Market Data. Mastercard's stock was off 5.2% and coursing toward its worst daily performance also since that date.</p>
<div class="lb-trans"><p>根据道琼斯市场数据，周二中午，Visa 的股价下跌了 4.8%，接近自 2025 年 6 月 18 日以来的最大跌幅（4.9%）。万事达的股价下跌了 5.2%，也接近自该日期以来的最差日表现。</p>
</div><p>&#34;It is hard to spin the prospect of least-cost credit routing positively,&#34; William Blair analyst Andrew Jeffrey wrote on Tuesday. &#34;Whereas we think Visa and Mastercard would move to remediate the impact, benefit from intrinsic cost advantages, retain pricing power, and have fast-growing [services] offerings, they would almost certainly take at least a transitory financial hit.&#34;</p>
<div class="lb-trans"><p>“很难积极看待最低成本信用路由的前景，” 威廉·布莱尔分析师安德鲁·杰弗里在周二写道。“虽然我们认为 Visa 和万事达会采取措施减轻影响，受益于内在的成本优势，保持定价权，并拥有快速增长的 [服务] 产品，但他们几乎肯定会遭受至少短期的财务打击。”</p>
</div><p>Jeffrey and his team called the CCCA &#34;a flawed solution to what we consider the nonproblem of high card costs.&#34;</p>
<div class="lb-trans"><p>杰弗里及其团队称 CCCA 为 “我们认为高卡成本非问题的有缺陷解决方案。”</p>
</div><p>Wolfe Research analyst Darrin Peller wrote that Trump's latest comments &#34;added incremental noise and concern&#34; to fears around the rate-cap proposal, which itself is viewed as unlikely to be implemented.</p>
<div class="lb-trans"><p>沃尔夫研究分析师达林·佩勒写道，特朗普的最新评论 “增加了对利率上限提案的噪音和担忧”，而该提案本身被视为不太可能实施。</p>
</div><p>Peller noted &#34;consternation around the potential for an antagonistic approach towards not only issuers but broader financials despite what was believed to be a lenient regulatory environment.&#34;</p>
<div class="lb-trans"><p>佩勒指出，“尽管人们认为监管环境宽松，但对不仅针对发行方而且针对更广泛金融领域的对抗性方法的潜在担忧。”</p>
</div><p>But most investors &#34;also see this as Trump's posturing to gain support for broad legislation in Congress and build momentum into the midterms without much teeth to getting these laws enacted,&#34; he continued.</p>
<div class="lb-trans"><p>但大多数投资者 “也将其视为特朗普为了在国会获得广泛立法支持并在中期选举中积累动力而进行的姿态，而这些法律的实施并没有太大实质性。” 他继续说道。</p>
</div><p>-Emily Bary</p>
<div class="lb-trans"><p>-Emily Bary</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻社和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻社</p>
</div><p>01-13-26 1224ET</p>
<div class="lb-trans"><p>01-13-26 1224ET</p>
</div>

Why Visa and Mastercard are seeing their sharpest stock drops in half a year

- 特朗普提议重启信用卡竞争法案，要求提供低成本信用卡路由选项。  
- Visa 和 Mastercard 股价下跌，投资者对此表示担忧。  
- 分析师指出，低成本信用路由将增加金融压力，影响公司财务。

为什么 Visa 和万事达的股票出现了半年以来最剧烈的下跌