Visa and Mastercard unveiled a proposed settlement with U.S. retailers to trim interchange fees by 0.1% over five years and let merchants add surcharges or refuse premium cards. The deal follows two decades of litigation over alleged fee fixing, after a $30 billion settlement was rejected by U.S. District Judge Margo K. Brodie last year. Retail swipe fees have climbed nearly 70% since the pandemic, according to the National Association of Convenience Stores, citing Nilson. The agreement awaits court approval and could affect prices and consumer rewards.

Prepared by Christopher Adams and reviewed by editorial team.