Visa and Mas­ter­card reach mas­sive swipe fees deal with mer­chants

Visa and Mastercard reach massive swipe fees deal with merchants

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 …