Visa and Mastercard Reach Settlement with U.S. Merchants to Reduce Fees

After a two-decade legal battle, Visa and Mastercard have reached an agreement with U.S. merchants to address concerns about transaction fees and network control. The proposed settlement aims to lower credit card processing fees by an average of 0.1% over several years, while granting merchants more flexibility in choosing which cards they wish to accept. Previously, merchants were often required to accept all cards within a network if one was accepted. This agreement marks a significant change in the landscape of U.S. payments.