FILE - This April 22, 2005, file photo, shows logos for MasterCard and Visa credit cards at the entrance of a New York coffee shop. Visa and MasterCard announced, Tuesday, March 26, 2024, a settlement with U.S. merchants related to swipe fees, a development that could potentially save consumers tens of billions of dollars. NEW YORK — Visa and MasterCard announced a settlement with U.S. merchants related to swipe fees that could potentially save American shoppers tens of billions of dollars.
According to the settlement announced Tuesday, Visa and Mastercard will cap the credit interchange fees into 2030, and the companies must negotiate the fees with merchant buying groups. The settlement stems from a 2005 lawsuit which alleged that merchants paid excessive fees to accept Visa and Mastercard credit cards, and that Visa and Mastercard and their member banks acted in violation of antitrust laws.Visa and Mastercard agreed to pay $6.2 billion