Global payments processors Visa and Mastercard are planning to extend fees that many merchants pay after they accept customers’ bank cards, the Wall Street Journal reported on Wednesday.
The fee increases are scheduled to begin in October and April, in response to the report, which cited people conversant in the matter and documents viewed by the WSJ.
Lots of the fee increases are for online purchases, the WSJ said.
The fee increases are scheduled to begin in October and April, in response to the report.Bloomberg via Getty Images
Visa and Mastercard didn’t immediately reply to Reuters’ requests for comment.
An interchange fee is the charge a merchant pays to the card-issuing bank each time a consumer swipes their card. Increases in fees merchants pay to card issuers are typically passed on to consumers, regulators have previously said.
Mastercard shares were up 1.3%, while Visa was up 1.1%.
