Visa Inc. and Mastercard Inc. are close to settling a long-running antitrust lawsuit with merchants over the fees they pay when they accept card payments, according to the Wall Street Journal.
Under the settlement, Visa, Mastercard and a number of banks that issue debit and credit cards including JPMorgan Chase & Co., Citigroup Inc. and Bank of America Corp. would pay the merchants around $6.5 billion, some of the people said.
Although it isn’t clear how the payment would be split up among the card networks, in a statement on Thursday, Mastercard said that it plans to increase reserves by $210 million „as a result of advances in negotiations”. Visa says it has put aside $600 million.
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:
