US banks are expected to experience a modest impact following a recent agreement by Visa and Mastercard to reduce swipe fees. The deal, aimed at settling a long-standing legal battle, will result in lower interchange fees for merchants.
Visa and Mastercard, two of the largest payment networks in the world, have agreed to pay $6.2 billion to settle a class-action lawsuit brought by merchants over swipe fees. This settlement is expected to have a ripple effect on US banks, as they rely on these fees for revenue.