Mastercard denies report it plans to raise credit card fees


- Advertisement -

Mastercard on Tuesday denied a media report that this fall the payments processing giant is planning to increase credit card fees, which many merchants pay when they accept customers’ credit cards.

The Wall Street Journal, citing sources and documents it had viewed, reported last week that fee increases were scheduled to start in October and April at Mastercard and rival Visa.

The Journal and its owner, Dow Jones, did not immediately respond to Reuters’ requests for comment on the matter.

“Mastercard is not raising interchange rates in the U.S. this fall and has no plans to do so,” the company said. It added that its also not raising network fees in the United States required for the processing of Mastercard transactions this fall.

Meanwhile, Visa also said in a blog post that recent press coverage on the issue was “misleading.” The world’s largest payments processor added that despite strong growth in the use of its cards, overall interchange fees on Visa transactions have been flat for the past decade.

“Moreover, over the past few years, Visa has lowered interchange for the vast majority of small businesses and in key segments such as supermarkets and quick service restaurants,” a Visa spokesperson said in an emailed statement to Reuters.

- Advertisement -


Please enter your comment!
Please enter your name here

Share post:




More like this

Newmont plans to divest six mines, cut jobs to reduce debt after Newcrest buy

Newmont Corp (NEM.N), opens new tab on Thursday beat analysts' estimates...

Gold Fields eyes rapid ramp-up at new Chile mine, lifts output forecast

South Africa's Gold Fields (GFIJ.J), opens new tab on Thursday raised...

Emerging economies must grow ‘much faster’ to repay debt, says World Bank

The World Bank warned that high borrowing costs have...

Ghana’s LNG project on target for year-end completion, regulator says

Ghana’s top oil regulator expects the country’s long-delayed natural...