Visa-Mastercard deal won’t end swipe fee battle

Three retail lobby groups immediately expressed scepticism about Tuesday’s deal, which ends a long-running antitrust suit. — Bloomberg

THE US credit card industry is desperate to head off an effort in Congress to slash the lucrative swipe fees charged on every transaction.

It’s perfect timing then for Visa Inc and Mastercard Inc to reach a settlement on a nearly 20-year-old legal fight with a group of retailers that pay these so-called interchange fees.