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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Visa and Mastercard agree $30b settlement over US transaction fees
“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.
