Credit Card Settlement: Visa & Mastercard Reach Agreement With Merchants to Lower Fees

In a significant development for consumers and businesses alike, Visa and Mastercard have reached a groundbreaking settlement with merchants aimed at reducing "merchant fees." This settlement, with far-reaching implications, has the potential to save consumers billions of dollars in transaction costs.

Merchant fees, also known as interchange fees, are charges imposed by credit card companies like Visa and Mastercard on transactions made by businesses. These fees typically amount to around two percent of each transaction and are often passed on to consumers in the form of higher prices for goods and services.

Under the terms of the settlement, credit. . .