U.S. banks could see a modest hit to their earnings due to the $30 billion settlement to limit credit and debit card fees for merchants by payments networks Visa and Mastercard , Wall Street analysts said.
Visa and Mastercard ended a long-simmering lawsuit with merchants revolving around “swipe fees,” as the two companies announced a settlement that will lower those fees for merchants by $30 billion over five years.
Visa Inc. (V) and Mastercard Inc. (MA) agreed to a settlement in a longstanding lawsuit that would lower the fees businesses pay to complete credit card transactions, and cap them from being raised until 2030.
Visa and Mastercard will reduce credit card swipe fees for merchants for the next five years—which could save retailers around $30 billion—in a landmark class action settlement announced Tuesday, ending decades-long antitrust litigation against the credit card issuers.
Visa and Mastercard on Tuesday reached a landmark $30 billion settlement that will limit credit and debit card fees for merchants, with some savings likely to be passed on to consumers.
Mastercard and Visa have reached a class action settlement with U.S. merchants, in a deal that aims to end 20 years of antitrust litigation around swipe fees and restrictions placed on merchants.
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