Visa, Mastercard $30 bn settlement to limit card fees for merchants at risk

Quick Summary:

Under the settlement, the average 1.5% to 3.5% swipe fee would fall by at least 0.04 percentage points for three years.

Visa and Mastercard also agreed to cap rates for five years and remove anti-steering provisions.

The settlement announced on March 26 was intended to resolve most claims in the nationwide litigation, with small businesses comprising more than 90% of the settling merchants.

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Article Details

Category: BusinessFinance

Markets: India

Topics: Mastercard National Retail Federation Visa Margo Brodie Merchants United States

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-06-14 @ 23:37:04 (1 weeks ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 399 words

Reading Time: 3 minutes read

Sentences: 19 lines

Sentence Length: 21 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 21255522

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Coverage Areas: India

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