Visa and Mastercard have reached a landmark settlement aimed at reducing credit card interchange fees. The agreement, which follows years of litigation and negotiations, could potentially save American shoppers tens of billions of dollars over the next several years.
According to a report from ABC News, the settlement will see Visa and Mastercard cap credit interchange fees until 2030, with the companies obligated to negotiate fees with merchant buying groups. The value of the savings in swipe fees is estimated to be close to $30 billion, as stated by the law firm involved in the settlement.
