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In March 2024, a settlement in the injunctive relief portion of the payment card interchange fee case was announced to reduce what are known as "swipe fees" for merchants in the U.S. This change, set to last five years, was expected to save retailers about $30 billion and mark the end of a long-standing legal battle over antitrust issues ...
While consumer prices have risen about 20% since the pandemic, swipe fees have increased by 50% and hit a record $172 billion in 2023, the Merchant Payments Coalition estimates.
Interchange fees or "debit card swipe fees" are paid to banks by acquirers for the privilege of accepting payment cards. Merchants and card-issuing banks have long fought over these fees. Prior to the Durbin amendment, card swipe fees were previously unregulated and averaged about 44 cents per transaction. [3]
A recent settlement between Visa, Mastercard and the largest U.S. credit card issuing banks and merchants has lowered swipe fees for the next five years, saving money on your monthly credit card ...
If a merchant pays a $2 fee on a $100 transaction, about $1.60 of that goes to the customer's bank and a smaller amount goes to the merchant's bank, which together constitute an interchange fee.
Swipe fees are paid to Visa, Mastercard and other credit card companies in exchange for enabling transactions. ... Eligible merchants that received a claim form in the mail in December and January ...
Typically, swipe fees cost merchants 2% of the total transaction a customer makes — but can be as much as 4% for some premium rewards cards, according to the National Retail Federation. The ...
Nationally, U.S. merchants paid an estimated $93 billion in Visa and Mastercard credit card fees in 2022, according to Nilson Report — up from $26 billion in 2010. Even more alarming, Visa and ...