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Visa and Mastercard agree to $30 billion settlement that will lower merchant fees

New York CNN  —  Two of the world’s largest credit card networks, Visa and Mastercard, as well as the banks that issue cards with them, agreed to settle a decades-long antitrust case brought upon by merchants. The settlement is set to lower swipe fees merchants pay when customers make purchases using their Visa or Mastercard by $30 billion over five years, according to a press release announcing the settlement Tuesday morning. This is a developing story and will be updated.