Visa Inc. and Mastercard Inc. agreed to cap credit-card swipe fees — a deal that US merchants say will save them at least $30 billion over five years — in one...
Merchants sued over the stranglehold on credit card fees and won one of the largest antitrust settlements ever.
Visa and MasterCard announced, Tuesday, March 26, 2024, a settlement with U.S. merchants related to swipe fees, a development that could potentially save consumers tens of billions of dollars. Visa Inc. and Mastercard Inc.
That means banks including JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. that issue cards with Visa and Mastercard are likely to take a hit with these concessions. JPMorgan, the biggest US bank, collected $31 billion of interchange and merchant processing income last year, leading to total card income of $4.8 billion after it accounted for customer rewards, payments to partner companies and other costs.
Retailers will now be able to charge consumers for using a Visa or a Mastercard card and they’ll be able to adjust their prices based on the cost of accepting different credit cards. That could mean, for instance, that a consumer with a Chase Sapphire Reserve card, which carries the Visa Infinite branding and therefore comes with a higher interchange fee, would be charged more at checkout than a customer using a Chase Freedom Unlimited card.
“By negotiating directly with merchants, we have reached a settlement with meaningful concessions that address true pain points small businesses have identified,” Kim Lawrence, Visa’s president of North America, said in a separate statement. “Importantly, we are making these concessions while also maintaining the safety, security, innovation, protections, rewards, and access to credit that are so important to millions of Americans and to our economy.
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