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Visa, Mastercard close to settle issues over card-swipe fees: WSJ

Reuters

(Reuters) - Visa Inc and Mastercard Inc are close to settling a long-running antitrust lawsuit with merchants over the fees they pay while they accept card payments, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

Under the settlement, Visa, Mastercard and a number of banks that issue debit and credit cards including JPMorgan Chase & Co, Citigroup Inc and Bank of America Corp would pay the merchants around $6.5 billion, the report said https://on.wsj.com/2Kx4Wby, citing some of the people.

It is not clear how the payment would be split up among the card networks and the issuing banks, according to the report.

Visa and Mastercard were not immediately available for comment. JPMorgan, Citigroup and Bank of America also did not immediately respond to requests for comment.

(Reporting by Laharee Chatterjee in Bengaluru; Editing by Maju Samuel)