Visa, Mastercard agree to $30 billion merchant fee settlement
The settlement subject to court approval marks one of the mega antitrust settlements in US history.Â
Visa Mastercard agreement
Visa and Mastercard have reached a lawsuit settlement projected a $30 billion aimed at curbing debit card fees and credit card fees for merchants.
The step is taken to translate into savings for consumers through reduced prices. The settlement subject to court approval marks one of the mega antitrust settlements in US history addressing claims dating back to litigation started in 2005.
According to court documents the fees reduction and caps alone show a value of $29.79 billion. Visa has estimated that majority of setting merchants exceeding 90 per cent consist of small businesses.
Merchants have criticised Mastercard and Visa for what they perceive illegal swipe fees known as interchanges fees charged to customers using credit or debit cards.
Merchants have objected to anti steering rules preventing them from directing customers towards more cost effective payment methods.