US payment card issuers Visa and Mastercard are set to increase the fees they charge some merchants for accepting their customers’ cards. The Wall Street Journal writes about it on its website, according to which traders could pay 502 million dollars annually, i.e. about eleven billion extra crowns.
Sources of the aforementioned newspaper state that the changes in fees should come into effect from October, respectively from April. The increase in fees will mostly apply to online purchases, the American newspaper said.
Shoppers hardly notice the interchange fees. But merchants — from big online retailers to corner coffee shops — are fighting over them with card companies.
An interchange fee is a fee that a merchant pays to the card-issuing bank each time a consumer uses the card. Regulators have previously said that increases in fees that merchants pay to card issuers are typically passed on to consumers.
2023-08-30 15:08:26
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