Visa has announced that due to the COVID-19 crisis will delay the rollout of the new interchange fee structure, implementing it in July instead of April.
According to paymentscardsandmobile.com, Visa was planning an overhaul of its interchange fee structure that merchants pay to accept its cards, adjusting its fees for new businesses such as ride-hailing and other app-based services.
“Visa is committed to partnering with our clients during this difficult time,” said a Visa spokesman. “We are actively implementing and considering a number of ways we can proactively support our clients to ensure the stability, security, reliability and resiliency of the digital payments ecosystem.”
The company’s interchange fees will go up or down depending on the merchant and the way a consumer pays for their purchases. Therefore, ecommerce sites will face higher rates, while retailers in certain services categories, such as real estate and education, will see fees decline.
Besides, Visa’s transaction volumes fell in the second half of March 2020, facing a deterioration in cross-border travel-related spending.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below: