2023-09-05 19:13:35
Mastercard on Tuesday denied a news report that the payment processing giant is considering raising the fees charged to merchants when their customers use credit cards to pay.
The Wall Street Journal, citing sources and documents it has consulted, reported last week that fee increases were planned for October and April at Mastercard and rival Visa.
“Mastercard is not increasing U.S. interchange rates this fall and has no plans to do so,” the company said. It also won’t increase U.S. network fees required to process Mastercard transactions this fall, the company added.
Visa also said in a blog post that recent media coverage of the issue was “misleading” and that, despite strong growth in the use of its cards, overall interchange fees on Visa transactions have remained flat in the past. course of the last decade.
“In addition, over the past few years, Visa has reduced interchange fees for the vast majority of small businesses and in key segments such as supermarkets and quick service restaurants,” a Visa spokesperson said. in a statement emailed to Archyde.com.
“We stand by our information,” the Wall Street Journal said in a statement to Archyde.com. (Reporting by Manya Saini in Bengaluru; Writing by Maju Samuel and Devika Syamnath)
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