Visa and MasterCard settle with U.S. merchants over swipe fees, potentially saving consumers billions

Published: 26 March 2024 at 14:18

Visa and MasterCard reached a settlement with U.S. merchants to cap credit interchange fees until 2030, stemming from a 2005 lawsuit alleging excessive fees. The settlement, subject to approval, aims to save consumers billions by negotiating fees with merchant buying groups. Visa notes over 90% of merchants in the settlement are small businesses. MasterCard denies improper conduct and changes will take effect post-settlement approval, expected in late 2024 or early 2025.

SOURCES

Visa, Mastercard settle long-running antitrust suit over swipe fees with merchants

ABC News

Visa, Mastercard settle long-running antitrust suit over swipe fees with merchants

ABC News

Visa and Mastercard agree to LOWER credit card fees

Helena Kelly Assistant Consumer

Visa, Mastercard settle long-running antitrust suit over swipe fees with merchants

By ASSOCIATED PRESS

Visa and MasterCard settle long-running antitrust suit over swipe fees with merchants

NBC

You may have to pay more at checkout when using your Visa or Mastercard

Business Insider

Visa and Mastercard agree to slash fees in $30B landmark settlement

NY Post

Visa, Mastercard reach $30bn settlement over credit card fees

Al Jazeera