Visa and MasterCard announced a settlement with U.S. merchants related to swipe fees, a development that could potentially save consumers tens of billions of dollars
Visa and MasterCard announced a settlement with U.S. merchants related to swipe fees that could potentially save American shoppers tens of billions of dollars. 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 fees are calculated as a fixed fee plus a percentage of the sales total, typically about 1% to 3%.
The settlement stems from a 2005 lawsuit which alleged that merchants paid excessive fees to accept Visa and Mastercard credit cards, and that Visa and Mastercard and their member banks acted in violation of antitrust laws. In 2018 Visa and Mastercard agreed to pay $6.2 billion as part of the long-running suit filed by a group of 19 merchants.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mastercard names Jon Huntsman as vice chairman and president of strategic growthFormer Utah Gov. Jon Huntsman Jr. will fill the role of vice chairman and president of strategic growth for Mastercard, the company announced Monday.
Read more »
Airline, Credit Card CEOs Refuse to Testify Before SenateThe CEOs of American Airlines, United Airlines, Visa and Mastercard will not testify at an April 9 hearing on credit card competition, the chair of the Senate Judiciary Committee said Thursday.
Read more »
Russia's Foreign Ministry says Spanish reporter denied a visa was invited to stayRussia’s Foreign Ministry says it issued the necessary documents for a Spanish journalist to stay in the country although the reporter claims he was forced to leave because his visa was not renewed. Xavier Colas of the newspaper El Mundo is the latest foreign journalist to have left Russia after visas were not continued.
Read more »
Masters winner Angel Cabrera won't return to Augusta National after US visa denied2009 Masters champion Angel Cabrera was welcomed back to Augusta National by Chairman Fred Ridley in January, but visa issues will keep the pro from returning next month.
Read more »
Rusia afirma que reportero español al que le negó visa tuvo oportunidad de renovarlaMOSCÚ (AP) — El Ministerio de Relaciones Exteriores de Rusia aseveró el viernes que emitió los documentos necesarios para que un periodista español permaneciera en el país, aunque el reportero afirma que fue obligado a salir del territorio ruso porque su visa no fue renovada.
Read more »
How Rising Visa Fees Could Stifle New Music Discovery in the U.S.: ‘It’s Grossly Unfair’Visa fees for the U.S. are going up April 1, and touring music artists from overseas are bracing for the impact of higher costs.
Read more »