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Visa and Mastercard near $6.5bn interchange settlement - WSJ

28 June 2018  |  8203 views  |  0 Visa contactless payment 1

Visa, Mastercard and some of America's biggest banks look set to pay merchants around $6.5 billion to settle a long-running battle over interchange fees, according to the Wall Street Journal.

Bank of America, Citi and JPMorgan Chase are among the banks joining Visa and Mastercard in the proposed settlement of an antitrust lawsuit with merchants over fees paid for accepting card payments, says the Journal, citing sources.

It is not known how the parties will split the costs but, in a statement on Thursday, Mastercard said that it plans to increase reserves by $210 million "as a result of advances in negotiations". Visa says it has put aside $600 million.

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