Visa and Mastercard have reached a $30 billion deal

Visa and Mastercard, two leading payment networks, have reached a massive $30 billion settlement to cap credit and debit card fees charged by merchants in the United States. As part of this, it is expected to reduce prices for consumers. The move is part of a large-scale antitrust lawsuit that has been going on for the past decade and could now come to an end if approved by the court.

According to the agreement, both Visa and Mastercard agreed to reduce swipe fees for three years and provide a lower average fee for five years. They also introduce limits on these fees for a five-year period. This gives merchants the opportunity to offer discounts or charge additional fees for cards with higher interchange fees.