Visa, Mastercard OK $30-B Settlement That Cuts Merchant Fees

By The Financial District
Apr 1, 2024
1 min read

Two of the world’s largest credit card networks, Visa and Mastercard, along with the banks issuing cards with them, have agreed to settle a long-standing antitrust case filed by merchants, as reported by Elisabeth Buchwald for CNN.

This settlement resolves the prolonged dispute between Visa, Mastercard, and merchants who have criticized the high swipe fees incurred in millions of transactions.

The settlement will reduce swipe fees merchants pay for customer purchases made using Visa or Mastercard by $30 billion over five years, according to a press release announcing the settlement.

Banking & finance: Business man in suit and tie working on his laptop and holding his mobile phone in the office located in the financial district.

This settlement resolves the prolonged dispute between Visa, Mastercard, and merchants who have criticized the high swipe fees incurred in millions of transactions, accusing the two companies of colluding.

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