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
The National Payment Card System (NSPK) is recommending that Russian banks remove all remaining Visa and Mastercard cards from circulation. This is due to the expiration of security certificates embedded in the cards’ chips on January 1, 2025, rendering them unusable. The NSPK, established by the Central Bank, will work with credit institutions to determine a timeline for this withdrawal following Visa and Mastercard’s exit from Russia in 2022. This decision aligns with the Central Bank’s plans to restrict the validity of expired cards to combat fraud, a measure that was first announced in July 2025.
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A whistleblower complaint filed with FinCEN alleges that Mastercard and Visa knowingly facilitated money laundering related to child sexual abuse material and sex trafficking on OnlyFans. The complaint, submitted by a senior financial compliance expert, claims the payment processors ignored evidence of illicit activity despite prior warnings. While both Mastercard and Visa deny the allegations and assert zero-tolerance policies, the complaint also notes prior attempts to alert the companies in 2021 and 2022. OnlyFans, which previously attempted to curb explicit content before reversing that decision, has yet to comment.
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Matt Underwood 
John Q. Hosedrinker