Visa, Mastercard agree to lower swipe fees, settling long-running lawsuit

Credit card networks and banks will lower fees that merchants pay. (Image: AP)

Thu, 28 Mar 2024

By Angel Au-YeungVisa, Mastercard and the largest US credit-card issuing banks have agreed to a settlement with merchants that have been suing them for nearly two decades over the fees they charge for swiping credit cards.In the deal, the credit card networks and banks will lower the fees that merchants pay to accept credit cards. There is a range of these fees, typically referred to as swipe fees or interchange fees, with an average of around 2%. The pact would lower all rates by 0.04 percentage points for three years, and the average rat...

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