According to Bloomberg, retailers have asked both networks to delay the hikes in interchange fees, hoping to avoid a jump in costs for accepting cards at a time when consumers are especially reliant on online shopping. Mastercard has informed that it is also delaying plans that would have caused some bricks-and-mortar retailers, along with convenience stores and supermarkets, to see higher rates.
When Visa first unveiled the changes, it stated that the interchange rate for card-not-present transactions, which include those made online or over the phone, would rise. For a traditional Visa card, the fee on a USD 100 transaction would climb to USD 1.99 from USD 1.90. For premium Visa cards, the fee would increase to USD 2.60 from USD 2.50.
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