Visa, Mastercard Swipe Fee Settlement: Consumers and Merchants Lose
Visa and Mastercard’s proposed $38 billion settlement over swipe fees is stirring up a lot of controversy, and for good reason. It’s easy to see how this deal, while potentially lowering some costs, might actually end up hurting consumers and small businesses. It feels like a complex dance where the big players – the banks and payment networks – are trying to protect their own interests, leaving merchants and regular folks to pick up the slack.
A key issue highlighted is the tiered system of credit cards. Most credit cards issued these days are premium cards – think Visa Signature or World Elite Mastercard.… Continue reading
Matt Underwood