<p>作者：Emily Bary</p>
<p>投資者似乎對特朗普總統支持一項要求提供低成本信用卡路由替代方案的措施感到緊張。</p>
<p>特朗普總統在夜間思考了一項提案，如果實施，可能會對 Visa 和萬事達造成挑戰。</p>
<p>Visa（V）和萬事達（MA）可能面臨比特朗普總統提議將信用卡利率上限設定為 10% 更大的問題。</p>
<p>這兩家公司運營支付處理網絡，但並不像美國運通（AXP）、資本一號（COF）和 Synchrony Financial（SYF）那樣直接向消費者放貸。這意味着在特朗普的利率上限情景下，如果放貸方選擇收緊信用訪問，這些公司可能會看到支出量下降。但他們不需要像放貸方那樣大幅改變商業模式。</p>
<p>但特朗普的另一個舉動可能對 Visa 和萬事達的運營構成更大威脅。總統在夜間思考了復興《信用卡競爭法案》的可能性，該法案將要求商家獲得除了這兩大網絡提供的選項之外的替代和低成本信用卡路由選擇。這在借記卡市場中已經存在。</p>
<p>支持者近年來一直難以為該法案找到動力。現在，特朗普在 Truth Social 上的評論表明該措施可能會重新獲得生機。</p>
<p>“每個人都應該支持偉大的共和黨參議員羅傑·馬歇爾的《信用卡競爭法案》，以制止失控的刷卡費剝削，” 特朗普在週二早上寫道。</p>
<p>根據道瓊斯市場數據，週二中午，Visa 的股價下跌了 4.8%，接近自 2025 年 6 月 18 日以來的最大跌幅（4.9%）。萬事達的股價下跌了 5.2%，也接近自該日期以來的最差日表現。</p>
<p>“很難積極看待最低成本信用路由的前景，” 威廉·布萊爾分析師安德魯·傑弗裏在週二寫道。“雖然我們認為 Visa 和萬事達會採取措施減輕影響，受益於內在的成本優勢，保持定價權，並擁有快速增長的 [服務] 產品，但他們幾乎肯定會遭受至少短期的財務打擊。”</p>
<p>傑弗裏及其團隊稱 CCCA 為 “我們認為高卡成本非問題的有缺陷解決方案。”</p>
<p>沃爾夫研究分析師達林·佩勒寫道，特朗普的最新評論 “增加了對利率上限提案的噪音和擔憂”，而該提案本身被視為不太可能實施。</p>
<p>佩勒指出，“儘管人們認為監管環境寬鬆，但對不僅針對發行方而且針對更廣泛金融領域的對抗性方法的潛在擔憂。”</p>
<p>但大多數投資者 “也將其視為特朗普為了在國會獲得廣泛立法支持並在中期選舉中積累動力而進行的姿態，而這些法律的實施並沒有太大實質性。” 他繼續説道。</p>
<p>-Emily Bary</p>
<p>此內容由 MarketWatch 創建，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞社和《華爾街日報》獨立出版。</p>
<p>（完）道瓊斯新聞社</p>
<p>01-13-26 1224ET</p>

萬事達

<p>Visa 和萬事達的股票大幅下跌，Visa 下跌 4.8%，萬事達下跌 5.2%，原因是人們對特朗普總統支持《信用卡競爭法》的擔憂。該提案可能要求商家獲得替代的、成本更低的信用卡路由選項，這可能會影響公司的運營。分析師對該法案的成功潛力表示懷疑，認為這是一種解決高卡費的缺陷方案。投資者對信用獲取和監管環境的影響感到謹慎，解讀特朗普的言論為中期選舉前的政治姿態</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>投資者似乎對特朗普總統支持一項要求提供低成本信用卡路由替代方案的措施感到緊張。</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>特朗普總統在夜間思考了一項提案，如果實施，可能會對 Visa 和萬事達造成挑戰。</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）和萬事達（MA）可能面臨比特朗普總統提議將信用卡利率上限設定為 10% 更大的問題。</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>這兩家公司運營支付處理網絡，但並不像美國運通（AXP）、資本一號（COF）和 Synchrony Financial（SYF）那樣直接向消費者放貸。這意味着在特朗普的利率上限情景下，如果放貸方選擇收緊信用訪問，這些公司可能會看到支出量下降。但他們不需要像放貸方那樣大幅改變商業模式。</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>但特朗普的另一個舉動可能對 Visa 和萬事達的運營構成更大威脅。總統在夜間思考了復興《信用卡競爭法案》的可能性，該法案將要求商家獲得除了這兩大網絡提供的選項之外的替代和低成本信用卡路由選擇。這在借記卡市場中已經存在。</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>支持者近年來一直難以為該法案找到動力。現在，特朗普在 Truth Social 上的評論表明該措施可能會重新獲得生機。</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>“每個人都應該支持偉大的共和黨參議員羅傑·馬歇爾的《信用卡競爭法案》，以制止失控的刷卡費剝削，” 特朗普在週二早上寫道。</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>根據道瓊斯市場數據，週二中午，Visa 的股價下跌了 4.8%，接近自 2025 年 6 月 18 日以來的最大跌幅（4.9%）。萬事達的股價下跌了 5.2%，也接近自該日期以來的最差日表現。</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>“很難積極看待最低成本信用路由的前景，” 威廉·布萊爾分析師安德魯·傑弗裏在週二寫道。“雖然我們認為 Visa 和萬事達會採取措施減輕影響，受益於內在的成本優勢，保持定價權，並擁有快速增長的 [服務] 產品，但他們幾乎肯定會遭受至少短期的財務打擊。”</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>傑弗裏及其團隊稱 CCCA 為 “我們認為高卡成本非問題的有缺陷解決方案。”</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>沃爾夫研究分析師達林·佩勒寫道，特朗普的最新評論 “增加了對利率上限提案的噪音和擔憂”，而該提案本身被視為不太可能實施。</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，“儘管人們認為監管環境寬鬆，但對不僅針對發行方而且針對更廣泛金融領域的對抗性方法的潛在擔憂。”</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>但大多數投資者 “也將其視為特朗普為了在國會獲得廣泛立法支持並在中期選舉中積累動力而進行的姿態，而這些法律的實施並沒有太大實質性。” 他繼續説道。</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>此內容由 MarketWatch 創建，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞社和《華爾街日報》獨立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道瓊斯新聞社</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

- 特朗普提議重啓信用卡競爭法案，要求提供低成本信用卡路由選項。  
- Visa 和 Mastercard 股價下跌，投資者對此表示擔憂。  
- 分析師指出，低成本信用路由將增加金融壓力，影響公司財務。

為什麼 Visa 和萬事達的股票出現了半年以來最劇烈的下跌