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Visa and Mastercard will settle with US merchants to reduce credit card payment transaction fees
BlockBeats News, November 9th, according to The Wall Street Journal report, Visa and Mastercard are set to settle with U.S. merchants, ending a two-decade-long legal dispute. Under the settlement agreement, credit card payment fees charged to merchants will be reduced, and greater autonomy will be granted for credit card service selection. Previously, both parties stipulated that as long as a merchant accepted one type of credit card within the network, they must accept all network credit card payments.
The legal dispute between the two parties began in 2005 when U.S. merchants accused Visa, Mastercard, and major banks of monopolistic practices regarding transaction fees and credit card acceptance rules. The two parties reached a settlement agreement in March 2024, proposing a 0.07% fee reduction over five years and granting merchants greater flexibility to impose surcharges on credit card payments. However, the agreement was rejected by the presiding judge.
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