Update 6/25/24: US District Judge Margo Brodie issued a ruling blocking this settlement and the parties must respond by June 28, 2024. The details of the ruling have not been made public.
Original post: Visa & Mastercard have reached an estimated $30 billion antitrust settlement to limit card fees for merchants but have denied any wrong doing. Under the settlement Visa & Mastercard will:
- Reduce swipe fees by at least four basis points (0.04%) for three years
- Ensure an average rate that is seven basis points below the current average for five years
- Remove anti-steering provisions (meaning merchants can offer cash discounts or impose surcharges on cards with higher interchange fees)
