Business Economy

Justice – Regulation of 6 billion for costs related to credit cards

The credit card companies Visa, MasterCard and other major banks agreed yesterday a settlement of 6 billion, ending a lawsuit by retailers.

According to a commercial banking sector, the regulation will also allow merchants to charge consumers more to settle their bill with a credit card in the future.

According to lawyers involved in this cause, this is the case for antitrust most imposing of all history.

The dispute began in 2005 when the banks had conspired to fix the costs associated with the use by merchants to debit cards or credit cards. On average, the cost traders represent about 2% of the cost of purchase.

Visa and MasterCard do not lend to people who use the cards with their logo. They make gains on fees known as “exchange agreements” in the financial world. Entities such as Visa and MasterCard cards manage the operation, but it is the issuing banks that collect funds and share with Visa or MasterCard.

Several U.S. banks were covered by this lawsuit. Among the merchants who demanded compensation, there are grocery stores in the banner Kroger and Safeway, and Rite Aid pharmacies. Shares of companies Visa and MasterCard have soared in the hours following the judgment. Visa climbed 2.8%, and MasterCard rose 3.7%.

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