Visa and Mastercard announced a major settlement with U.S. merchants on Tuesday, potentially ending nearly two decades of litigation over the fees charged every time a credit or debit card is used in a store or restaurant.
The deal would lower and cap the fees charged by Visa and Mastercard and allow small businesses to collectively bargain for rates with the payment processors in a similar way that the large merchants do on their own now.
According to the settlement announced Tuesday, Visa and Mastercard will cap the credit interchange fees until 2030, and the companies must negotiate the fees with merchant-buying groups.
The law firm that announced the settlement put the value of the savings in swipe fees at close to $30 billion.
Anyone know what this realistically looks like? I'm familiar with Helsim, who is very transparent with their fees, and I'm curious if they will show that the fees have reduced in the near future.
Anyone know what this realistically looks like? I'm familiar with Helsim, who is very transparent with their fees, and I'm curious if they will show that the fees have reduced in the near future.
Anyone know what this realistically looks like? I'm familiar with Helsim, who is very transparent with their fees, and I'm curious if they will show that the fees have reduced in the near future.