Visa and Mastercard reach massive swipe fees deal with merchants

After years of pressure, credit card giants Visa and Mastercard have agreed to a deal to cap swipe fees in an

The news release from the plaintiffs accused Visa and Mastercard of a “relentless upward spiral” for swipe fees over the last quarter of a century and said that this settlement applies three separate “brakes” to swipe fees in the U.S. And finally, Visa and Mastercard agreed that for the next seven years, the average effective systemwide swipe fee for the credit cards must be at least seven basis points below the current average rate.

“By negotiating directly with merchants, we have reached a settlement with meaningful concessions that address true pain points small businesses have identified,” said Kim Lawrence, Visa’s president of North America. “Importantly, we are making these concessions while also maintaining the safety, security, innovation, protections, rewards and access to credit that are so important to millions of Americans and to our economy.

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