Visa and Mastercard settle to lower credit card fees

Summary: Visa and Mastercard settled with U.S. merchants to lower and cap credit card fees, allowing small businesses to collectively bargain. The deal will cap credit interchange fees until 2030, potentially saving $30 billion. The settlement stems from a 2005 lawsuit alleging excessive fees. Retailers welcome the relief but stress the need for long-term solutions. Small businesses face challenges due to high swipe fees, especially with decreased cash transactions during the pandemic.

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