Mastercard and Visa agree to lower swipe fees in antitrust suit settlement

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Mastercard and Visa agree to lower swipe fees in antitrust suit settlement
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The settlement stems from a 2005 lawsuit which alleged that merchants paid excessive fees to accept Visa and Mastercard credit cards.This April 22, 2005, shows logos for MasterCard and Visa credit cards at the entrance of a New York coffee shop. Swipe fees are paid to Visa, Mastercard and other credit card companies in exchange for enabling transactions. Merchants ultimately pass on those fees to consumers who use credit or debit cards.

The law firm which announced the settlement put the value of the savings in swipe fees at close to $30 billion.

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