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In March 2015, the European Parliament voted to cap interchange fees to 0.3% for credit cards and to 0.2% for debit cards, [3] which was subsequently enacted under Regulation (EU) 2015/751 with effect from 8 June 2015. [40]
Visa and Mastercard, which control a combined 80 percent of the credit card network market, agreed in March to limit interchange fees they charge retailers who accept their card.
The settlement announced on March 26 was intended to resolve most litigation that began in 2005 over so-called swipe fees, also known as interchange fees, that merchants pay to accept Visa and ...
The fees in question are “swipe fees,” also known as interchange fees, that are charged to the merchant for every transaction with processors like Visa and Mastercard.
The settlement lowers interchange fees for merchants and also protects credit card companies from being sued over the issue again in the future. [23] That settlement was reversed. Currently one for US$6.24 billion is scheduled to go before the district court on November 7, 2019. [24]
Interchange fees [8] (or trade fees) are transaction charges that the acquiring bank pays when a payment is being processed via debit or credit card. The expenses are paid to the issuing bank and cover costs, such as processing fees, bad debt, and charges due to risk and potential fraudulent activities.
According to the settlement announced Tuesday, Visa and Mastercard will cap the credit interchange fees until 2030, and the companies must negotiate the fees with merchant-buying groups.
Some fees are set by the merchant account provider, but the majority of the per-item and percentage fees are passed through the merchant account provider to the credit card issuing bank according to a schedule of rates called interchange fees, which are set by Visa, Discover, and MasterCard. Interchange fees vary depending on card type and the ...