It is thought that as much as £100m a year could be raised at the point of sale through the Pennies4change scheme.
The MPs also believe that the scheme could encourage "a culture of giving, resulting in a significant impact for those in need, and for good causes everywhere".
Retailers have also given the scheme a thumbs-up. Surrey independent Dean Holborn said: "We already collect large sums of cash in our charity box which is next to the till, so I think that a charity scheme for debit and credit cards would be just as popular.
"There is a possibility that it could make transaction times a little slower, but I don't think shoppers would mind that," he said.