The Competition Commission of Mauritius has ordered Visa and MasterCard to cap their interchange fees after finding the credit card issuers abused their dominance by setting unreasonably high rates. Following an inquiry in 2009, the regulator launched an in-depth investigation. In 2013, they determined that a restrictive business practice was occurring with in the payments […]
Visa, the payments company, announced Wednesday, May 8, that it has acquired Earthport, a cross-border payment company catering to banks, money transfer services providers and businesses around the world. Terms of the deal were not disclosed. In a press release, Visa stated that with the acquisition it will be possible for Visa clients to enable […]
The European Union has accepted an offer by Visa and Mastercard to cut fees on payments made by tourists using cards issued outside the bloc to stave off fines and end an EU antitrust investigation. The European Commission, which has waged a decades-long crackdown on payment and credit card fees, says that so-called interchange fees […]
In a settlement that has been given preliminary approval by a federal court in New York, Visa and Mastercard, along with bank defendants, have agreed to provide roughly US$6.24 billion in settlement funds. The funds are subject to a deduction that is said not to exceed US$700 million, according to a notice authorized by the […]
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 […]
American investment group Advent International completed on January 22, 2019, the acquisition of 51% of shares in Argentine company PRISMA – which holds the license for the operation of the VISA banking card system in the country – for US$724.2 million. The consortium of banks that were the previous owners of PRISMA—among which are Banco […]
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 […]