{"id":3687137,"date":"2026-04-28T08:34:29","date_gmt":"2026-04-28T12:34:29","guid":{"rendered":"https:\/\/www.pymnts.com\/?p=3687137"},"modified":"2026-04-28T08:34:29","modified_gmt":"2026-04-28T12:34:29","slug":"retailers-object-to-200-billion-visa-mastercard-swipe-fee-settlement","status":"publish","type":"post","link":"https:\/\/www.pymnts.com\/credit-cards\/2026\/retailers-object-to-200-billion-visa-mastercard-swipe-fee-settlement\/","title":{"rendered":"Retailers Object to $200 Billion Visa-Mastercard Swipe Fee Settlement\u00a0"},"content":{"rendered":"<p style=\"font-weight: 400;\">Retail groups are reportedly fighting a proposed $200 billion antitrust settlement against\u00a0<a href=\"https:\/\/www.visa.com\/en-us\">Visa<\/a>\u00a0and\u00a0<a href=\"https:\/\/www.mastercard.com\/us\/en.html\">Mastercard<\/a>.<\/p><div\r\n\tid=\"article-paywall-overlay\"\r\n\tclass=\"d-none\"\r\n>\r\n\t<div id=\"article-paywall-content\" class=\"my-4\">\r\n\t\t\n<div class=\"wpcf7 no-js\" 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class=\"fw-bold\" href=\"https:\/\/pymnts-com-develop.go-vip.net\/privacy-policy\/\">Privacy Policy<\/a> and <a class=\"fw-bold\" href=\"https:\/\/pymnts-com-develop.go-vip.net\/terms-conditions\/\">Terms and Conditions<\/a>.\n\t\t\t\t<\/p>\n\t\t\t\t<p><input id='hiddenPath' type='hidden' name='path' value='' \/><input type='hidden' name='userDeviceId' id='userDeviceId' \/><input type='hidden' name='pageTitle' id='pageTitle' \/>\n\t\t\t\t<\/p>\n\t\t\t<\/div>\n\t\t\t<div class=\"col-12\">\n\t\t\t\t<div id='formButtonRow' class='container mt-1 px-0'>\n\t\t\t\t\t<p><input class=\"wpcf7-form-control wpcf7-submit has-spinner btn btn-dark text-uppercase py-2 px-5 small\" id=\"theSubmitButton\" type=\"submit\" value=\"Submit\" \/>\n\t\t\t\t\t<\/p>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/div><input type=\"hidden\" name=\"post_id\" value=\"3687137\" \/><input type=\"hidden\" name=\"source\" value=\"https:\/\/www.pymnts.com\/credit-cards\/2026\/retailers-object-to-200-billion-visa-mastercard-swipe-fee-settlement\/\" \/><p style=\"display: none !important;\" class=\"akismet-fields-container\" data-prefix=\"_wpcf7_ak_\"><label>&#916;<textarea name=\"_wpcf7_ak_hp_textarea\" cols=\"45\" rows=\"8\" maxlength=\"100\"><\/textarea><\/label><input type=\"hidden\" id=\"ak_js_1\" name=\"_wpcf7_ak_js\" value=\"66\"\/><script>document.getElementById( \"ak_js_1\" ).setAttribute( \"value\", ( new Date() ).getTime() );<\/script><\/p><div class=\"wpcf7-response-output\" aria-hidden=\"true\"><\/div>\n<\/form>\n<\/div>\n\r\n\t<\/div>\r\n<\/div>\r\n<div id=\"article-paywall-hidden-content\">\r\n\t\n<p style=\"font-weight: 400;\">That <a href=\"https:\/\/www.pymnts.com\/credit-cards\/2025\/visa-and-mastercard-reach-new-swipe-fees-settlement\/\">settlement<\/a>, stemming over a long-running case involving what are known as interchange fees or\u00a0\u201cswipe fees,\u201d\u00a0was the subject of a federal court hearing Monday (April 27).<\/p>\n<p style=\"font-weight: 400;\">As Bloomberg News\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-04-27\/retailers-battling-swipe-fees-are-pushing-back-on-settlement\">reported<\/a>, groups representing major retailers such as Walmart told U.S. District Court Judge\u00a0<a href=\"https:\/\/www.nyed.uscourts.gov\/district-judge-brian-m-cogan\">Brian Cogan<\/a>\u00a0they oppose the settlement. Cogan did not rule on the matter, the report added, but said he will issue a written ruling in the future.<\/p>\n<p style=\"font-weight: 400;\">According to the report, many retailers want to make deals with the card companies on their own. Attorney\u00a0<a href=\"https:\/\/ecbawm.com\/people\/debra-greenberger\/\">Debra Greenberger<\/a>, representing the\u00a0<a href=\"https:\/\/nrf.com\/\">National Retail Federation<\/a>\u00a0and\u00a0<a href=\"https:\/\/www.rila.org\/\">Retail Industry Leaders Association<\/a>, told the court merchants would rather take the case to trial and risk losing than hold to the terms of the settlement.<\/p>\n<p style=\"font-weight: 400;\">\u201cBe careful what you wish for,\u201d Cogan said.<\/p>\n<p style=\"font-weight: 400;\">Visa and Mastercard have been locked in a two-decade long battle over the fees merchants pay to accept credit cards.<\/p><div id=\"pymnt-3045589810\" class=\"pymnt-content pymnt-entity-placement\" style=\"margin-top: 50px;\"><p style=\"text-align:center\">Advertisement: Scroll to Continue<\/p><script async type=\"text\/javascript\" id=\"dianomi_context_script\" src=\"https:\/\/www.dianomi.com\/js\/contextfeed.js\"><\/script> \r\n<div class=\"dianomi_context\" data-dianomi-context-id=\"4329\"><\/div><\/div>\n<p style=\"font-weight: 400;\">The two companies announced a\u00a0<a href=\"https:\/\/www.pymnts.com\/credit-cards\/2025\/visa-and-mastercard-merchant-settlement-aimed-at-rewards-cards\/\">proposed settlement<\/a>\u00a0in November. Under that agreement, Visa and Mastercard would lower interchange fees \u2014 typically set at 2% to 2.5% \u2014 by 0.1 percentage points for five years.<\/p>\n<p style=\"font-weight: 400;\">Merchants would be allowed to choose whether they want to accept U.S. cards in certain categories such as commercial cards, premium consumer cards including many popular\u00a0<a href=\"https:\/\/www.pymnts.com\/news\/artificial-intelligence\/2026\/banks-use-ai-to-make-credit-card-rewards-more-personal\/\">\u201crewards\u201d cards<\/a>, along with standard consumer cards.<\/p>\n<p style=\"font-weight: 400;\">The settlement is said to save merchants upwards of $200 billion over eight years by giving them the chance to reject higher-cost cards. However, Bloomberg said, that eyebrow-raising sum has attracted opposition from both big box retailers and smaller merchants.<\/p>\n<p style=\"font-weight: 400;\">The report cites a note from\u00a0<a href=\"https:\/\/www.kbw.com\/\">Keefe Bruyette &amp; Woods<\/a>\u00a0analysts who said Cogan, based on his body language, seemed to be leaning toward approving the deal.<\/p>\n<p style=\"font-weight: 400;\">Meanwhile, PYMNTS wrote last week about another interchange fee battle playing out in Illinois, with banking groups and the\u00a0<a href=\"https:\/\/www.occ.treas.gov\/\">Office of the Comptroller of the Currency<\/a>\u00a0(OCC) objecting to a state law \u2014 slated to go into effect July 1 \u2014 that would block the collection of interchange on portions of transactions tied to\u00a0<a href=\"https:\/\/www.pymnts.com\/legal\/2026\/illinois-swipe-fee-law-upheld-by-federal-court\/\">taxes and tips.<\/a><\/p>\n<p style=\"font-weight: 400;\">\u201cThe case\u00a0<a href=\"https:\/\/www.pymnts.com\/news\/regulation\/2026\/occ-enters-the-interchange-fight-and-raises-the-stakes\/\">carries implications<\/a>\u00a0that extend beyond Illinois,\u201d PYMNTS wrote. \u201cLegislative proposals in other states such as Colorado and Delaware indicate that similar approaches to interchange could follow, raising the prospect of divergent rules across jurisdictions.\u201d<\/p>\n<p style=\"font-weight: 400;\">If the court upholds the Illinois law, financial institutions would have to adapt their systems to accommodate state-specific fee calculations, the report added.<\/p>\n\r\n<\/div>\r\n<script>\r\n\twindow.pymntsAllowedArticleCount = 2;\r\n\twindow.pymntsPostID = 3687137;\r\n<\/script>","protected":false},"excerpt":{"rendered":"<p>Retail groups are reportedly fighting a proposed $200 billion antitrust settlement against\u00a0Visa\u00a0and\u00a0Mastercard. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content \u2014 no additional logins required. yesSubscribe to our daily newsletter, PYMNTS Today. By completing this form, you agree to receive marketing communications from [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1226555,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[61897],"tags":[132965,4744,5494,4214,9206,133069,9621,5847,4266,5299],"class_list":["post-3687137","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-credit-cards","tag-credit-card-swipe-fees","tag-credit-cards","tag-interchange-fees","tag-mastercard","tag-news","tag-pymnts-news","tag-retail","tag-swipe-fees","tag-visa","tag-whats-hot"],"acf":{"suggested_titles":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Retailers Object to Visa-Mastercard Swipe Fee Settlement\u00a0<\/title>\n<meta name=\"description\" content=\"Retail groups are reportedly fighting a proposed $200 billion antitrust settlement against Visa and Mastercard over swipe fees.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.pymnts.com\/credit-cards\/2026\/retailers-object-to-200-billion-visa-mastercard-swipe-fee-settlement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Retailers Object to $200 Billion Visa-Mastercard Swipe Fee Settlement\u00a0 | PYMNTS.com\" \/>\n<meta property=\"og:description\" content=\"Retail groups are reportedly fighting a proposed $200 billion antitrust settlement against\u00a0Visa\u00a0and\u00a0Mastercard. 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