Posted 3/26/2024, 5:58:35 PM

Visa, Mastercard Agree to $30B Settlement to Cut Merchant Fees

Visa and Mastercard agree to $30 billion settlement to lower merchant fees over 5 years
Settlement stems from 2005 antitrust lawsuit filed by merchants over swipe fees
Swipe fees to be lowered by at least 0.04 percentage points for 3 years minimum
Settlement allows merchants to charge different fees based on card type, possibly impacting rewards
Settlement faces opposition from some lawmakers and trade groups who want additional reforms

cnn.com