Visa Inc. and Mastercard Inc. are postponing plans to boost the fees U.S. merchants pay when consumers use credit cards online, pushing back the changes another year to April 2022 because of the pandemic, according to Bloomberg.
“Visa is committed to maintaining stability in our payments system and will not make any future rate changes in the U.S. for another year while the economy recovers,” the company said in an emailed statement.
Retailers have been asking both networks in recent months to delay hikes in so-called interchange fees, hoping to avoid a jump in costs for accepting cards at a time when consumers are especially reliant on online shopping.
“Mindful that some merchants are still facing unprecedented circumstances, we are delaying our previously announced interchange adjustments,” Mastercard said in its statement.
When Visa first unveiled the changes, it said the interchange rate for so-called card-not-present transactions, which include those made online or over the phone, would rise. For a traditional Visa card, the fee on a $100 transaction would climb to $1.99 from $1.90. For premium Visa cards, the fee would increase to $2.60 from $2.50.
The changes – originally slated to take effect last April – were delayed until this April, and now they won’t go into affect until April 2022.
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:
