Visa and Mastercard are planning to raise credit-card network and interchange fees, according to a report by The Wall Street Journal. The rest will come from increases in the interchange fees, also known as swipe fees, the report said. Card networks such as San Francisco-based Visa Inc. and Purchase, New York-based Mastercard set the fees that the retailers pay. Network fees go to Visa and Mastercard, while swipe fees go to the bank that issued the card. Visa, Mastercard and the banks have said the fees help cover costs related to fraud prevention and innovation.

Source: Wall Street Journal August 31, 2023 02:16 UTC