Visa and Mastercard have agreed to a settlement worth $30 billion with merchants in the United States who sued the credit card rivals over allegations of cartel-like inflating of payment service fees, according to press releases.

As part of the settlement, Visa and Mastercard will lower fees charged to US merchants and also allow merchants to determine the amount of fees consumers can be charged based on which payment card they use.

The compensation to merchants will be offset through savings made from lower transaction fees over the next five years.

Source: Nyhetsbyrån Direkt