Visa and Mastercard reached a historic agreement with US retailers to reduce fees associated with credit cards. This opens an unprecedented breach, while the two giants are suspected of abusing a dominant market position to overcharge merchants using their payment systems.
On Monday November 10, a groundbreaking agreement was reached in the US between Visa, Mastercard and retailers. Retailers can now refuse credit cards with the highest transaction fees. This agreement ends 20 years of commercial and legal struggles over interchange fees (between 2% and 2.5% of the purchase price on average in 2024, NDLR), set by Visa and Mastercard and collected by banks from merchants on each card payment.
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Article authors
Sophie Baqué
Chief Editor of mind Retail