Visa and Mastercard Reach Settlement with U.S. Merchants, Aiming to Ease Fees & Boost Choice

After a two-decade legal battle, Visa and Mastercard are nearing a settlement agreement with U.S. merchants, aiming to address long-standing issues related to transaction fees and card acceptance choices. The proposed deal will reduce credit card processing fees by an average of 0.1% over time, and give merchants greater control over which cards they choose to accept. Previously, merchants were often obligated to accept all cards within a network if one was offered. This new agreement offers greater autonomy for merchants in this area.