Visa and Mastercard settle with US merchants for $38bn over alleged excessive charges. Deal follows rejected $30bn offer. NRF and Merchants Payments Coalition criticize deal for still leaving high charges, especially on rewards cards. Swipe fees hit $111.2bn in 2024. Settlement includes fee reductions and surcharge flexibility. Economists estimate $38bn savings by 2031. Card firms deny wrongdoing. Brodie notes fee reductions not significant compared to potential collections. Plaintiffs argue new settlement addresses issues. Supporters include Electronic Payments Coalition with major banks.

Read more at Yahoo Finance: Visa, Mastercard agree to $38bn settlement over merchant fee dispute