Visa and MasterCard have resolved a conflict with retailers that has lasted since 2005
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American payment systems Visa and MasterCard announced on reaching an agreement on a long-standing dispute with retail chains. In September 2005, several American retail associations submitted in court against payment systems Visa USA and MasterCard International and leading banks, including Bank of America, Citigroup, JPMorgan Chase and others. Retailers said that financial companies, through collusion, set inflated commissions for them when paying by card.
The lawsuit was brought by the National Association of Convenience Stores, the National Drug Store Association, the National Community Pharmacy Association and the National Cooperative Grocers Association. In 2018, Visa, MasterCard and a number of leading American banks have already agreed pay retailers compensation totaling $6.2 billion.
Under the agreement announced today, Visa and MasterCard will reduce US fees by 0.04% for at least the next three years and will not raise fees for five years. By estimates American media, this will lead to retail chains and brick-and-mortar stores saving a total of about $30 billion on Visa and MasterCard fees.
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