Visa Inc. and Mastercard Inc. plan this year to increase the fee on many transactions with payment cards.
According to The Wall Street Journal reports “Hvil”.
We are talking about the interbank fees, which retailers deduct the banks, when their customers pay for purchases with credit cards. The size of the interchange fee may vary in the range from 1% to 3%.
Visa and Mastercard are the largest U.S. card networks, and they are constantly improving the service charge cards. The decision to increase the fee was taken before in the United States spread of the coronavirus pandemic, and the company may defer implementation of this decision, if the economy deteriorates. Both companies have already deferred the change related to fees for June 2020, referring to the pandemic.
Representative Visa has declared that the company “has not taken any decisions on what changes will be made in the future, given the rapidly changing environment in which today all companies work”.
A Mastercard representative did not directly comment on possible changes, but said that the delay in planned new charges “allowed clients and partners to focus on their core activities and to manage this unprecedented event.”
Both companies pledged to support their clients. Visa and Mastercard also announced that it will allocate $ 250 million to support small business.