Mastercard Inc. has announced plans to hike certain credit card fees starting April 15, just days after the company, alongside Visa Inc., reached a $30 billion settlement over swipe fees. Bloomberg reports that the move comes despite efforts to provide relief to retail businesses.
The card company intends to raise its network “assessment” fee from 0.13% to 0.14%, translating to a projected annual increase of $259.1 million. The figures are based on Mastercard’s transactions, which surpassed $2 trillion last year. These details were disclosed by the Merchants Payments Coalition, a group of retailers in Washington advocating against higher payment fees. Documents shared with Bloomberg Law revealed the impending fee hike. Retailers argue that any fees levied on banks eventually trickle down to them.
Featured News
French Competition Watchdog Raids EPC Groupe
May 20, 2024 by
CPI
Nippon Steel Vice Chairman to Visit US for Key Meetings in U.S. Steel Acquisition
May 20, 2024 by
CPI
Google Pays Damages to US Government in Attempt to Avoid Jury Trial in Antitrust Case
May 20, 2024 by
CPI
Nature’s Miracle and Agrify Terminate Merger Agreement Amid Challenges
May 20, 2024 by
CPI
UK’s AI Safety Institute to Open US Office Amid Growing Calls for Global Collaboration
May 20, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI