Finance

Visa, Mastercard close to settling issues over card-swipe fees

Updated : June 29, 2018 06:12 AM IST

Under the settlement, Visa, Mastercard and a number of banks that issue debit and credit cards including JPMorgan Chase & Co, Citigroup Inc and Bank of America Corp would pay the merchants around $6.5 billion, the report said, citing some of the people.

Visa Inc and Mastercard Inc are close to settling a long-running antitrust lawsuit with merchants over the fees they pay while they accept card payments, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

It is not clear how the payment would be split up among the card networks and the issuing banks, according to the report.

In a regulatory filing, MasterCard said it would boost its reserve by about $210 million in the second quarter to account for claims related to a lawsuit with merchants.

It was, however, not clear if the estimated increase in reserve was related to the settlement the WSJ had reported.

Visa, Mastercard and JPMorgan were not immediately available to comment on the settlement. Citigroup and Bank of America declined to comment.

Visa, Mastercard close to settling issues over card-swipe fees

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