Visa and Mastercard are preparing to raise certain fees levied on US merchants for processing transactions from this April, the Wall Street Journal reported on Friday, February 15. The increase will affect the interchange fees as well as the fees that card networks charge financial institutions for processing card payments, the report said. A Visa […]
Both Visa and Mastercard posted solid fourth quarter earnings and outperformed analyst estimates, yet the companies are still waiting for approval to do business in China. Though it’s been more than a year since each submitted applications to process payments in the US$124 trillion market, the People’s Bank of China (PBoC) hasn’t acknowledged and accepted […]
According to a report from Bloomberg, Visa and MasterCard won preliminary approval on Monday, January 28 for their second attempt at settling antitrust allegations of a class of over 12 million US merchants. The credit card companies will pay between US$5.56 and US$6.26 billion under the deal. Class counsel believes it is the largest cash settlement in […]
The European Commission has fined US payment system Mastercard €570 million (US$648 million) for limiting the possibility for merchants to benefit from better conditions offered by banks established elsewhere across the EU. “By preventing merchants from shopping around for better conditions offered by banks in other Member States, Mastercard’s rules artificially raised the costs of […]
According to a report from the Wall Street Journal, Visa and Mastercard have offered to cap the fees charged on card payments made by tourists in the European Union to stave off fines and end an EU antitrust investigation. The European Commission announced both companies made offers to lower fees known as interregional interchange fees. […]
According to a report from Reuters, Visa and Mastercard have proposed lowering the fees merchants face when they accept payments from non-EU credit cards in a bid to settle a long-running EU antitrust investigation. Even after the reduction, such fees—which are paid by merchants when they accept card payments and are a lucrative source of […]
Visa, American Express, and Mastercard are among the payment companies that are the subject of an inquiry by Brazilian regulators. According to a report in Bloomberg citing the Brazilian Administrative Council for Economic Defense (CADE), the Brazilian regulators are looking to see if the credit card companies ran afoul of payment network rules. Bloomberg noted […]
Mastercard reportedly has lodged a protest with the US government over the use of nationalism by the government in India to promote a domestic payments network there. According to a Reuters exclusive, Mastercard told the Office of the United States Trade Representative (USTR) on June 21 that the prime minister “associated the use of RuPay […]
On Tuesday, September 18, Visa, Mastercard, and a number of US banks agreed to pay US$6.2 billion to settle a long-running antitrust suit brought by merchants over the fees they pay when they accept card payments, reported Reuters. Visa and Mastercard previously reached a US$7.25 billion settlement with the merchants in the case, but that […]
Credit card companies Visa and MasterCard set fees at an unlawful level that restricted competition, a London appellate court ruled Wednesday. The Court of Appeal confirmed two earlier rulings that the card charges , known as interchange fees, infringed EU competition law reported Bloomberg. The ruling, which also involved WalMart Stores’ Asda and Wm Morrison […]