Visa, Mastercard's proposed settlement on interchange rates a 'bad deal,' Merchants Payments Coalition says
( March 26, 2024, 10:48 GMT | Official Statement) -- MLex Summary: Visa and Mastercard's proposed $30 billion settlement with US merchants reducing interchange rates and guaranteeing no increases for at least five years is a "bad deal" for merchants, the Merchants Payments Coalition said. The agreement provides “very small relief” and does not end the need for Congress to pass legislation, the group said in a statement. "The settlement does nothing to actually bring competitive market forces to swipe fees or change the behavior of a cartel that centrally fixes rates and bars competition. Instead, it tries to provide token, temporary relief and then allows the card companies to raise rates yet again," the statement said.See statement below....
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