Temporary relief: A Walmart supercentre in Hallandale Beach, Florida. Small banks and credit unions may object to the ruling because big retailers such as Walmart may cut deals with larger banks for cards that offer discounts at checkout. — AFP
NEW YORK: Visa and Mastercard reached an estimated US$30bil settlement to limit credit and debit card fees for merchants, with some savings likely to be passed on to consumers through lower prices.
The antitrust settlement announced on Tuesday is one of the largest in US history, and if it receives court approval, would resolve most claims in nationwide litigation that began in 2005.
