Google sues Visa and Mastercard over interchange rates

Tuesday 6 January 2015 00:27 CET | News

Google has sued Visa and MasterCard accusing the payment card brands of violating federal antitrust law.

According to Google’s complaint, between January 1, 2004, and November 28, 2012, Google accepted payments from customers using MasterCard and Visa credit and debit cards, both of which required Google to pay interchange rates above what a competitive market would allow. Google claims the card companies violated Section 1 of the Sherman Act by imposing such high fees.

Google opted out of a multibillion-dollar 2013 class action settlement that would have prevented it from suing the card brands over interchange fees or card-brand rules. That settlement was originally valued at USD 7.25 billion, to be split among all merchants that accepted Visa and MasterCard cards.

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Keywords: Google, Visa, MasterCard, Interchange, rates, fees, credit, debit, cards, online payments
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce