Visa’s and Mastercard’s proposed $30 billion antitrust settlement to limit credit and debit card fees for merchants is in peril, after a New York judge signaled she was preparing to reject the accord, Reuters reports.
U.S. District Judge Margo Brodie in Brooklyn told lawyers for the card networks and objectors at a hearing on Thursday that she will „likely not approve the settlement,” according to court records.
The settlement announced on March 26 was intended to resolve most claims in the nationwide litigation, with small businesses comprising more than 90% of the settling merchants. Under the settlement, the average 1.5% to 3.5% swipe fee (interchange fee) would fall by at least 0.04 percentage points for three years. Visa and Mastercard also agreed to cap rates for five years and remove anti-steering provisions.
Swipe fees totaled $172 billion, in 2023, and have more than doubled in the last decade, according to the Merchants Payments Coalition, which represents retailers, grocers, convenience stores and gas stations.
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:
