By Emma W. Thorne, Editor at LinkedIn News
Visa and Mastercard settled a nearly 20-year legal battle on Tuesday, agreeing to cap credit-card swipe fees in a deal that U.S. merchants say could save them more than $30 billion over the next five years. If it wins court approval, the agreement would also let retailers charge customers more for using Visa or Mastercard, potentially guiding customers to lower-cost cards. Such fees, which topped $100 billion last year, largely go to the banks that issue the cards, meaning players like JPMorgan Chase and Bank of America could see the biggest impact.
