The rates that merchants pay when Visa or Mastercard customers use their cards for transactions will increase. That reports the Wall Street Journal. Although these costs are generally borne by the traders, a small part is passed on to the customers.
The rate increase would be scheduled for October for online transactions and April for commercial credit, debit and prepaid cards. The heaviest impact would be for online purchases.
According to calculations by experts, the rate increase could cause half a billion dollars in additional costs annually. Increased costs for merchants will ultimately be passed on to customers, who are already suffering the effects of the highest inflation in four decades.
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2023-08-31 16:22:53
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