After years of pressure, credit card giants Visa and Mastercard have agreed to a deal to cap swipe fees in an antitrust settlement that could end up saving merchants some $30 billion.
The antitrust class-action settlement was announced on Tuesday morning and is subject to approval by the U.S. District Court for the Eastern District of New York. It includes all merchants who accepted Visa or Mastercard debit or credit cards in the United States from late 2020 to the present, according to a press release.
The settlement will save merchants at least $29.79 billion in savings over a five-year period following the approval of the deal over agreed-upon caps and rollbacks on credit card processing fees, known as “swipe fees.”
“This settlement is the cu …