Summary by Moomoo AI
On March 26, 2024, Visa Inc. announced a landmark settlement agreement with U.S. merchants, concluding nearly two decades of litigation over interchange fees and merchant discount antitrust claims. The settlement introduces significant changes to Visa's rules for merchants accepting Visa-branded cards, including reduced credit interchange rates, capped rates until 2030, and updated network rules offering merchants more flexibility in digital payments and surcharging. The agreement also establishes a Merchant Education Program to assist businesses in understanding and leveraging the new rules. Mastercard and other defendants are involved in similar settlements, with court approval pending. The settlement does not include monetary compensation for merchants but aims to enhance competition and transparency in the payment card industry.