US-based financial services companies Visa and Mastercard announced that they have reached an antitrust agreement that will limit credit and debit card fees in the US and save retailers an estimated $30 billion.
In the statement made by Visa, it was stated that after nearly 20 years of litigation, the company reached an important agreement with retailers, more than 90% of which are small-scale businesses, reducing credit and debit card fees and limiting the fees in question until 2030.
In the statement made by Mastercard, it was noted that the company reached an agreement with retailers to reduce credit card fees for at least 5 years.
Reports in the US press stated that the agreement would save retailers an estimated $30 billion in five years.
If the antitrust agreement is approved by the court, most of the lawsuits filed across the country in 2005 will be resolved.
Source: Bloomberght / Prepared by Irem Yildiz