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The deal will require the payments companies to lower the so-called swipe fees they charge sellers over the next five years. It will also allow merchants to charge different prices to consumers based on which credit card they use.
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“These are extraordinary concessions by Visa, Mastercard and the banks,” said Jaret Seiberg, an analyst at brokerage TD Cowen, who added that the settlement could represent a threat to credit card rewards and small banks as merchants gained the ability to steer customers to preferred credit cards.
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