Visa and Mastercard Settlement Could Lower Merchant Fees: What You Need to Know
Tuesday, 26 March 2024, 17:25
Overview:
Visa and Mastercard have agreed to a $30 billion settlement that could reduce merchant fees for consumers in the U.S. However, the settlement is awaiting court approval.
Key Points:
- Lower Fees: The settlement aims to lower swipe fees for merchants by at least 0.04% over a minimum of three years.
- Consumer Impact: There is a potential for retailers to lower prices or stop passing fees onto consumers.
- Possible Changes: The settlement might lead to higher surcharges on rewards cards or discounts for specific credit cards.
Conclusion:
If approved, the Visa and Mastercard settlement could benefit consumers by potentially lowering credit card fees. However, the actual impact will depend on how retailers choose to adjust their pricing strategies.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.