Visa Inc. Reports Proposed Settlement in Interchange Fee Antitrust Litigation
Summary
On November 10, 2025, Visa Inc. reached a proposed settlement with U.S. merchants in the long-standing `In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation` (via Ex. 99.1). The agreement aims to provide merchants with more flexibility and options for accepting payments. Key terms include a 10 bps reduction in the U.S. combined average effective credit interchange rate for five years. * Merchants will gain more options to surcharge, even if they do not surcharge other credit networks. * Merchants can choose to accept U.S. credit cards in distinct categories: commercial, premium consumer, and standard consumer. * Posted U.S. credit interchange rates will be capped for five years, with standard U.S. consumer credit rates capped at 125 bps. * The settlement is subject to court approval.
Why It Matters
This proposed settlement is highly material as it directly impacts Visa's core business model by reducing U.S. credit interchange rates by 10 bps for five years and capping other rates. It also introduces new merchant flexibility regarding surcharging and card acceptance categories, potentially altering the payment ecosystem for merchants and consumers.
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Key Quote
“. The settlement provides for a reduction of the U.S. combined average effective credit interchange rate by 10 bps for five years.”
— From Item 8.01
Filing Details
Reported Items
Additional Information
- CIK Number
- 0001403161
- Filing Date
- Monday, November 10, 2025
- Filing Time
- 12:00 AM UTC
- Form Type
- 8-K
- Materiality Level
- high
- Sentiment
- positive