Settlement May Lead Some Consumers to Pay 'Swipe' Fees

Payment networks Visa and MasterCard, as well as a number of large retailers, have agreed to a $7.25 billion settlement that may allow merchants to impose a "checkout fee" on consumers for credit card transactions and end a seven-year battle over credit card swipe fees. Under the current system, merchants pay interchange, or swipe, fees to Visa or MasterCard that go to banks. The settlement may give merchants the right to recover the cost of the swipe fees from consumers with a "checkout...Full Story
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