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Visa and Mastercard have reached a £30bn settlement to lower card fees for merchants in a landmark antitrust case that began in 2005. The credit companies deny any wrongdoing, but the settlement will result in lower swipe rates and more discretion for businesses to offer discounts.
Customers who use cards like Visa Infinite, Chase Sapphire Reserve and Mastercard World Elite will need to shell out more in swipe fees.
Merchants have long accused the payment networks of charging inflated ‘swipe fees’ when shoppers use their cards.
Visa and Mastercard reached an estimated US$30 billion settlement to limit credit and debit card fees for merchants, with some savings likely to be passed on to consumers through lower prices.