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. Visa and Mastercard agreed to cap credit-card swipe fees — a deal that US merchants say will save them at least $30 billion over five years — in one of the most significant antitrust settlements ever, following a legal fight that spanned almost two decades.
The legal fight over credit card swipe fees dates back to at least 2005 — before both Visa and Mastercard were spun off from the banks that owned them to become publicly traded companies. The fees, also known as interchange, are a key driver of profit for card-issuing banks and they are the primary mechanism used to fund popular rewards programs.
Shares of JPMorgan, Bank of America, Citigroup, Visa and Mastercard were all up slightly at 12:22 p.m. in New York.Redwood City widow conned out of nearly $2 million, bank accused of helping scammers “The fact remains that these fees are an unfair business practice that harms merchants and consumers and benefits banks,” she said in a statement.As part of the settlement, Visa and Mastercard agreed to reduce the swipe fees they charge each merchant by at least 4 basis points for at least three years, lawyers for the retailers said.
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