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2/24/2021, 1:24 PM (Source: TeleTrader)
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Visa, Mastercard plan to up swipe fees in US in April - report

Visa Inc. and Mastercard Inc. are planning to increase the interchange fees on many transactions in the United States in April, The Wall Street Journal reported on Wednesday, citing unnamed sources close to the matter and information received from a document it obtained.

Both companies will hike fees for the majority of online purchases, with Mastercard also raising fees for most rewards credit cards used in small supermarkets. Meanwhile, Visa will review the fee calculation process for restaurants.

The credit card firms intended to implement the policy changes back in 2020, but pushed them back due to the coronavirus pandemic, according to the report.

Baha Breaking News (BBN) / MS